Home » Economy » Social Security benefit cuts may be coming, but here's why they may not hurt you
Social Security benefit cuts may be coming, but here's why they may not hurt you
Should high-tax states be given additional unemployment benefits?
Americans for Tax Reform President Grover Norquist on the debate over providing higher-income states like New York and California with additional unemployment funding during coronavirus.
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There's been talk for years that Social Security is at risk of running out of money, and the most recent Trustees Report confirms that. Released in late April, the report states that come 2035, Social Security is expected to exhaust its combined trust funds, leaving the program with no excess cash reserves to dip into. At that point, current and future beneficiaries alike risk a 21% reduction in their scheduled benefits.
SOCIAL SECURITY CHANGES IN 2020
Clearly, that's not good news at all — especially for those people who are already on Social Security, and who rely heavily on those benefits to make ends meet. But if you're years away from retirement, you can take action so that a future reduction in benefits doesn't end up hurting you as a senior.