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What would happen to current and future retirees if theamount that Social Security recipients received was cut in half?
To put that into perspective, the current average monthly benefit is $1,920.
A 50% cut would leave retirees with just $960.
Who Would Be Hit the Hardest?
The financial strain would also hit minority groups especially hard.
The Broader Economic Impact
When individuals suffer economically, so does the larger economy.
Cuts like that could also push more seniors to use government-funded programs like welfare and Medicaid, Petersmarck said.
This would force you to save much more than needed.
If there isnt a cut, then its a bonus.
Social Security is politically protected for good reason, as most voters oppose significant reductions.
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