Social Security benefit cuts could be inevitable, by some estimations.
Head actuaries for Social Security and Medicare recently testified before Congress. Their projections say cuts could come as early as 2033.
With the data suggesting that an automatic cut of $325 per month could be on the way, it’s got many seniors thinking about the numbers. And beyond the financial aspect, it has many people upset based on a matter of principle.
What Could You Do With $325 Per Month?
For some people, $325 a month is a vital piece of money that can go toward one bill or several, depending on what’s being paid. It could make for a modest grocery budget, cover a car with insurance, or make up the cost of multiple phones and internet service.
For others, $325 is a nice chunk of change that could be used on luxuries. After all, retirement is a time to reward oneself. This amount of money could cover a nice shopping spree. It could help fund a trip. It could also make a nice gift for a loved one, like a grandchild.
However, it doesn’t matter how you’d spend this money. No matter a retiree’s financial state, or the state of the economy, it makes no difference. Seniors have paid into this program faithfully. Every senior deserves to be paid back. Social Security benefit cuts like this would add up to nearly $4,000 a year!
The only solution is to restore Social Security. Specifically, the way to avoid benefit cuts is to restore the Trust Fund model and repay it.
Help The Seniors Center Protect the Future of Social Security
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
