The government says by the year 2032, it won’t be able to pay Social Security recipients their full benefits unless Congress acts.
Government projections say the Social Security fund won’t have enough money in nine years.
“If Congress doesn’t do anything, we would have an immediate 23% cut in the benefits for everybody,” said Peterson Foundation CEO Michael Peterson.
Peterson says those cuts would result in a $7,000 a year loss for current Social Security recipients. He says part of the problem is about ten thousand baby boomers are retiring every day.
“Every time someone retires, it’s a double whammy because they stop paying in and start taking out,” Peterson explained.