- Social Security faces funding shortfall, trust funds expected to run out by 2034, potentially leading to a 20% benefit cut for retirees. Lawmakers may raise full retirement age to avoid cuts, forcing workers to work longer. Proposed changes to COLA calculation could result in larger benefits but are not guaranteed. It’s crucial to save for retirement to supplement Social Security income.
- Lawmakers consider raising full retirement age to prevent benefit cuts, potentially affecting workers’ retirement plans. Changing COLA calculation method could lead to more effective adjustments but remains uncertain. Saving for retirement is essential to prepare for potential changes in Social Security benefits.
- Learn about three key potential changes to Social Security benefits that could impact retirees’ financial security. Plan for the possibility of benefit cuts, changes to full retirement age, and a new COLA calculation method by saving for retirement now. Stay informed to better prepare for retirement uncertainties.
Read more at Nasdaq: 3 Social Security Changes That Could Have a Huge Impact on Your Retirement