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25% Social Security Cut Possible, Senate Warned

Social Security benefits could be cut by 25 percent if Congress does not act soon, Social Security Administration Chief Actuary Stephen Goss warned a Senate panel Wednesday. “Changes are needed soon to avert trust fund reserve depletion and an abrupt reduction in the level of benefits,” Goss said in prepared remarks to the Senate Finance Committee. He noted trust fund reserves for disability Insurance are expected to be at zero by late 2016…Read More

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