Did you know about the following Social Security reduction factors?
Social Security income is a vital source of financial security in retirement for millions of Americans. But, there are some Social Security reduction factors people need to take into consideration.
Though Medicare’s importance has increased, no social program competes with the guaranteed monthly payout that nearly all seniors receive from Social Security in their golden years.
And 62% of aged beneficiaries rely on this benefit to provide at least half their monthly income. Nevertheless, the federal government can alter Social Security income through policy action.
Some moves could raise additional revenue for the program, ultimately lifting scheduled payouts. Meanwhile, others aim to cut long-term program expenditures and, in multiple cases, lower monthly and lifetime benefits.
Whether you know it or not, the federal government will consider 5 Social Security reduction factors when deciding if they should cut your Social Security benefits.
Click “Next” to read on and find out what they are!