Two-income couples could see their Social Security benefits slashed by up to $16,500 annually starting in 2033; for high-income couples, that number could top $21,000. A recent report from the non-partisan Committee for a Responsible Federal Budget (CRFB) calculates that if Congress doesn't act soon to reform the system, retirees will only receive 79% of their benefits. By the first year of underfunding in 2033, today’s 58-year-olds will reach their full retirement age of 67.
America's aging population is stressing the system. About 10,000 retirees enter the Social Security program each day. With this in mind, it's important to determine if your benefits will be cut and, if so, how you can prepare for the inevitable.
