Here's What Needs to Happen to Avoid a 24% Social Security Benefits Cut

Both current and future retirees need to be aware that time is running out before Social Security benefits could be reduced substantially. If the trust fund is depleted and retirement benefits can be paid out of only current payroll taxes, retirees are looking at a 24% benefits cut. With the average Social Security benefit already providing just $1,503 per month, such a substantial decrease could lead to a major decline in quality of life.