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Social Security Benefits Are an Estimated 8 Years Away From Being Slashed -- and the Cuts Are Even Bigger Than Initially Forecast
Retired workers and survivor beneficiaries could see their monthly payout reduced in a big way by 2033, based on the latest projections from the Social Security Board of Trustees.
Social Security represents more than just a monthly check for most retirees. To many, it's a financial lifeline that surveys and studies have shown they'd struggle to make do without.
For 23 consecutive years, national pollster Gallup surveyed retirees to determine how important their Social Security income was to covering their expenses. Every year, no fewer than 80% of respondents noted it was necessary, in some capacity, to cover their costs.
A separate analysis from the Center on Budget and Policy Priorities found that Social Security pulled 22 million people above the federal poverty line in 2023, including 16.3 million adults aged 65 and above. If the Social Security program didn't exist, the poverty rate for this group would be nearly four times higher (37.3%, estimated) than it was in 2023 (10.1%).
