Unless Congress does something to change it, the Social Security Administration (SSA) will reduce payments by as much as 20 percent by 2033. The talk about it has continued for a couple of years, but now it is predicted to take place one year sooner than projected earlier.
The depletion of money in the Social Security trust fund has continued for some time. Congress has not yet acted on the need to make changes, and, so far, there is no unity on a remedy for the problem.
Currently, more than 67 million Americans receive Social Security checks every month. Many of them depend on it and have no other sources of income. A drop of 20 percent would hurt them and possibly make it nearly impossible for many of them to make ends meet….