The Social Security check is a payment that millions of people in the United States expect every month. It is a help from the United States Federal Government for people who have no or low income and therefore need this benefit to maintain their standard of living.
The Social Security Administration (SSA) contemplates as beneficiaries people who suffer from some type of disability, those who are dependents of a relative who has died and finally, people who have finished their professional activity. All of them receive checks on a monthly basis.
This includes people with low incomes, those included in the Supplemental Security Income (SSI) program, and those workers who end their working lives. In the latter case, the amount varies depending on the number of years the person has worked.
However, in the coming months, the amount of the Social Security check could undergo changes. Specifically, the amount in some cases could be reduced. This is undoubtedly bad news for millions of beneficiaries who count on this money to meet their monthly expenses.
REDUCTION OF SOCIAL SECURITY CHECKS
Some specialized media are already pointing to the idea that in the coming months, the amount of the Social Security checks will be reduced. Although each beneficiary receives an amount appropriate to his or her circumstances, it is estimated that each person receives $1,827.
This figure could be reduced according to the projection of the Committee for a Responsible Federal Budget. The reason? Apparently, this cut is due to the fact that the payments received by retirees come from a trust fund that is in danger of becoming insolvent.
THIS IS THE CUT THAT THE CHECKS WILL UNDERGO
But, when we talk about reduction, how much is it? According to specialized media, retirees could suffer a cut of up to 23 percent in the income from the payments they receive.
“While this commitment is framed as ‘protecting benefits,’ it is actually an implicit endorsement of an across-the-board 23 percent cut in benefits in 2033, when the Social Security retirement fund becomes insolvent,” sources are quoted as saying by that media outlet.
This could pose a problem for people retiring from their working years. The Social Security check responds to the need for people who can no longer work because they have reached retirement age to be able to retire while maintaining the same standard of living.