Social Security cuts

Social Security cuts refer to reductions in the benefits paid to eligible individuals, often implemented to address funding shortfalls in the program. These cuts can result from changes in government policy, demographic shifts, or financial pressures that decrease revenue from payroll taxes or increase the number of beneficiaries. When cuts occur, recipients may receive lower monthly payments, which can impact their financial planning and retirement security. Such measures are typically considered as last resorts to ensure the long-term sustainability of the Social Security system, balancing the need to support current beneficiaries with maintaining the program’s viability for future recipients.