For years, economists and financial analysts have warned of the possibility of Social Security benefit cuts.

We here at NORA have discussed this issue in depth previously. However, recent reports suggest this slash in benefits is closer than originally believed.

The previous report suggested that 2034 could be the year when insolvency would necessitate cuts or other changes. But new information suggests the date is creeping closer at a faster rate. And the dollar amount that retirees could lose out on is troubling.

What Does Losing This Money Mean to You?

What could you do with $6,283? This is the yearly amount that retirees could lose out on.

This equates to $523.53 per month. We don’t know about you, but that sounds like a handy sum of money — especially considering it’s an amount that seniors have fairly earned by paying into the program.

Such an amount could help with expenses like groceries, gas, housing, and more. That number accounts for an entire percentage point of the average retiree’s yearly spending. And given how costs are rising, it could become even more crucial in the near future.

Some analysts say the benefit cut could come as soon as 2032. That’s right — in less than a decade, the retirement Americans have fairly paid into could be slashed unfairly due to Washington’s financial mismanagement.

That report has monthly benefit cuts at approximately $300. This is still too much! And regardless of the way benefits and expenses line up, every senior deserves their benefits paid in full and adjusted for inflation.

Help Us Stop Social Security Benefit Cuts

Social Security benefits don’t need to be slashed. They need to be raised — specifically, they need to be adjusted fairly for inflation on a yearly basis. Seniors are also owed for years that adjustments were skipped.

You can learn about this and our efforts to make it happen here. If you support our mission, sign our petition then follow us on Facebook and Twitter.