A $4,356 Social Security Benefit Cut Is Coming -- Will You Be Ready?

The Social Security program has navigated through 13 recessions prior to the COVID-19 pandemic. Despite some obviously grim outlooks during those previous recessions, you'll note that Social Security is still here, and it's been paying continuous retired-worker benefits for more than 80 years. Since 1985, the annually released Social Security Board of Trustees report, which examines the short-term (10-year) and long-term (75-year) outlook for the program, has cautioned that long-term revenue collection would be insufficient to cover outlays.