In replying to a question in a recently closed thread, I stated that I believed that benefits would be cut across the board in 2034 if Congress didn't act (rather than something more complicated, like aged-based cuts, or cuts based on income or wealth). Someone asked for a source for that belief. I'm pretty sure I heard it on a podcast at some point, but I wasn't sure. I hate to make claims without facts behind them.
So I asked Philip Moeller, co-author of Get What's Yours: The Secrets to Maxing Out Your Social Security what would happen if 2034 arrives and benefits must be cut.
He responded as follows:
Now I happen to think that Congress will indeed act before then, but probably at the last minute. I think Social Security will be funded at least for then-current recipients (like me) and their benefits won't be cut.
I'd be curious to hear if others think that benefits will indeed be cut for current recipients and if so, in what manner.
So I asked Philip Moeller, co-author of Get What's Yours: The Secrets to Maxing Out Your Social Security what would happen if 2034 arrives and benefits must be cut.
He responded as follows:
"Should Congress fail to deal with Social Security's projected shortfall, benefits would be cut across the board. If the cut was 25 percent, for example, someone due $1,000 a month would get only $750."
Now I happen to think that Congress will indeed act before then, but probably at the last minute. I think Social Security will be funded at least for then-current recipients (like me) and their benefits won't be cut.
I'd be curious to hear if others think that benefits will indeed be cut for current recipients and if so, in what manner.
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