New proposals on Capitol Hill aim to fix Social Security funding problem.
The funds uses to pay benefits are running low. Benefit cuts are the most talked about solution but
benefit cuts are not a certainty. Right now, multiple options are being explored in Washington so the
thought of a social security benefit cut is not the first thing on people’s minds. It may be avoided if a way
to replenish the funds is devised.
However, despite all of this, the facts remain:
One year ago on Thursday, the Social Security Administration released projections indicating its trust
funds could become depleted in 2035, at which point 79% of promised benefits would be payable.
A 21% cut of Social Security benefits may not seem like much to some, but, to others it can be
devastating if not properly planned for which includes getting the full Social Security benefit amount that
a person is entitled to.
All of this may be alarming for people who are still planning for their retirement.