Social Security, 2026 payment
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“My income will be reduced to less than one-fifth of my current annual salary.”
These changes affect current recipients and potentially those approaching retirement.
A study shows that Social Security recipients have gone beyond cutting back on discretionary spending, and they report that their benefits are not enough to cover necessities.
Ramsey warns Americans not to count on receiving the full amount of their expected Social Security benefit. That is because the Social Security Old-Age and Survivors Insurance (OASI) trust fund is only projected to be fully funded until 2033, according to the Social Security Administration.
Many retirees are struggling with their finances, and things could get worse next year if they aren't prepared for this reality about Social Security.