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Social Security Benefit Cuts: How Much Would You Lose?
Release of the Trustees annual report on the financial state of Social Security and Medicare has caused quite a stir in investment circles with predictions that a cut to Social Security benefits could be on the horizon sooner than last predicted. The Trustees say that a Social Security benefit cut could happen in as few as a dozen years if Congress fails to act sooner to resolve the issue. As onerous as that sounds, it shines a spotlight on the so-called “retirement crisis” - the fact that far too many Americans have neither enough money saved to fund their future retirement nor a plan to fix that. With future Social Security cuts looming, that puts even greater emphasis on the need to save separately for retirement, as suggested in this Lake Geneva Regional News article by Maurie Backman. Click here to read more.
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