If Social Security becomes insolvent in nine years, seniors would lose roughly $6,090 a year in benefits, an analysis shows.
Americans will see a $500 monthly cut to their Social Security payments by 2033 if nothing changes in the system's financial condition.Analysts have long been predicting that the Social Security system will become insolvent by the mid-2030s. This means that the social safety net program would be forced to start sending out significantly lower checks to beneficiaries.
5 seniors, were lifted out of poverty because of their Social Security benefits, according to the Center on Budget and Policy Priorities, a nonpartisan think tank.Lawmakers have suggested several possible solutions to Social Security's financial troubles, but few are politically popular. Democrats tend to call for higher taxes on the highest-earning Americans, while Republicans have suggested raising the full retirement age.
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