Social Security nears cliffs edge putting recipients at risk of losing $500 a month

Millions of Americans are at risk of losing big bucks.Social Security — the federal program providing monthly payments to eligible Americans — is in jeopardy of running out of cash by 2023.Over 71 million people rely on these benefits as the payments replace income when folks retire, become disabled or lose a spouse.The Social Security Administration (SSA) said in a statement that after 2023, the fund will only be able to dole out 78% of total scheduled benefits.

This means recipients are at risk of losing an average of about $500 a month.“This train wreck is going to happen,” Rep.Steve Womack (R-Ark.) said in an interview with Politico.

“So as early as six years from now, we’re going to have to have a plan.And of course, I’m a big believer that we need to deal with it now, or we need to start the process of dealing with it now.”As fear grows, Capitol Hill has seen a flood of lawmakers introduce bills aimed at addressing Social Security’s long-term solvency, but none have been passed. In July, the Promise Act — bipartisan legislation from eight senators — would create a process for Congress to develop a plan to keep Social Security solvent for at least 50 years. “I won’t pretend there’s consensus on how we solve this, but the math is unforgiving: the longer Congress waits to act, the fewer good options remain, which is why I am proud to support this legislation,” Senator Thom Tillis, who co-sponsored the bill, said.Just before that, the Bipartisan Social Security Commission Act was introduced in June by two representatives which would also establish a committee to develop solutions.The Social Security 2100 Act was also introduced back in June and would increase benefits while shoring up Social Security’s finances by making higher-income Americans pay more into the system.According to the bill — which was first introduced back in 2017 — all current and new beneficiaries would see a 2% benefit increase, it would change how COLA...