There’s once again talk of cutting Social Security benefits. According to the nonpartisan, nonprofit Committee for a Responsible Federal Budget, if Congress fails to intervene, the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to become insolvent in 2033. While Social Security benefits will still be paid, checks will be slashed by 23%.
Such a cut could disrupt any well-designed retirement plan, but it would be particularly challenging to those who depend solely on Social Security to cover their expenses.
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