"Social Security has never resorted to cutting benefits. Solutions have always been found to keep scheduled benefits on track, and there's a good chance lawmakers will manage to do the same thing this time around."
"While Social Security cuts aren't a given, the options lawmakers have for preventing them aren't necessarily ideal. Many of the solutions available to prevent Social Security cuts are likely to impact workers and pre-retirees more so than current retirees."
Millions of older Americans rely on Social Security for income, with some depending entirely on it. Although the program faces potential benefit cuts due to insufficient revenue, historical precedent shows that lawmakers have never allowed benefits to be cut. Solutions to prevent cuts may include raising the Social Security tax rate or adjusting the wage cap, but these options could negatively impact workers and pre-retirees more than current retirees. Lawmakers are likely to find a way to maintain benefits despite challenges.
Read at 24/7 Wall St.
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