Retirees: 5 Things You Need to Know About Social Security Cuts
1. Social Security is facing a shortfall.
By 2034, incoming revenues will only be enough to pay about 76% of scheduled Social Security benefits, according to a 2020 Social Security Administration report.
2. This could mean a reduction in benefits for retirees.
Social Security benefits could be reduced by as much as 24% across the board, according to the report.
3. There are things you can do to prepare for Social Security cuts.
One of the best things you can do is to start saving for retirement early. You can also consider working part-time in retirement to supplement your income.
4. If you are already retired, there are some things you can do to reduce your expenses.
One way to save money is to downsize your home. You can also consider moving to a less expensive area.
5. It's important to stay informed about Social Security changes.
The Social Security Administration website has a wealth of information about the program, including how to prepare for potential cuts.
Additional Tips: *- Consider working part-time in retirement to supplement your income.
- Explore ways to reduce your expenses, such as downsizing your home or moving to a less expensive area.
- Stay informed about Social Security changes by visiting the Social Security Administration website.
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