Seniors on Social Security Could Face $460 Monthly Cut

Newsweek -   Seniors who rely on their Social Security benefits could face a cut of $460 per month if Congress doesn’t act soon, according to digital news platform 24/7 Wall St.

Recipients who previously earned $2,000 a month would earn just $1,540 if Social Security trust fund reserves run dry as predicted in 2033.

The Social Security Administration (SSA) has been facing an impending insolvency crisis which would see roughly 20 percent of benefits slashed for Social Security recipients by the early 2030s.

That would impact roughly 70 million people, including both seniors earning retirement benefits as well as those on Social Security Disability Insurance (SSDI) for monthly benefit payments.