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SC recipients of Social Security may see major cuts to their monthly benefits in less than 7 years. <\/p>\n
Getty<\/p>\n
Across the country, Social Security recipients are expected to see major cuts to their monthly benefits in less than a decade due to exhausted funding, according to a recent study.<\/p>\n
The Committee for a Responsible Federal Budget<\/a>, a nonpartisan, nonprofit organization, released a report detailing how the cost of the Social Security Administration\u2019s<\/a> retirement program has exceeded its cash income, forcing the agency to dip into its trust fund reserves for the past 16 years.<\/p>\n As a result, the trust fund is expected to be depleted by 2032<\/a>, less than seven years away, forcing monthly benefit cuts to 60.1 million Social Security recipients in the nation.<\/p>\n By law, the Social Security retirement program cannot pay out more in benefits than it receives in revenue once its trust fund is exhausted. Because of that, all retirees are projected to be subject to an immediate 24% benefit cut upon trust fund exhaustion.<\/p>\n The national average monthly benefit cut would be $500, totaling $345 billion, or 1.1% of the U.S.\u2019s GDP if nothing changes.<\/p>\n Here\u2019s how people in SC will be impacted:<\/p>\n South Carolina Impact<\/p>\n While every state will be affected by the cuts, SC recipients face some of the most significant impacts.<\/p>\n South Carolinians would see a greater cut from their monthly benefits than the national average of $500. Estimating a cut of a 24% cut to Social Security, the average retiree\u2019s monthly cut in SC would be $505.<\/p>\n A monthly cut of $505 for SC recipients would have one of the most severe economic impacts in the nation, according to the report. The accumulated amount of benefits lost would be $6.6 billion, and as a share of the state economy, that would be 1.7%, ranking 4th among states.<\/p>\n The total number of recipients in SC affected would be 1,126,378, which is 20.6% of the Palmetto State\u2019s population, ranking 7th among states.<\/p>\n Many South Carolinians may have already experienced issues dealing with the Social Security Administration this year. Over the past year, the government agency lost over 6,500 employees<\/a>, reducing its staffing to its lowest level in 59 years, meaning possible longer wait times and delayed benefits for recipients.<\/p>\n How to prepare<\/p>\n Until more money is placed into the Social Security Retirement Fund, there\u2019s little chance of avoiding benefit cuts, but there are ways to prepare for the worst.<\/p>\n The Social Security Administration has a website of resources<\/a> for recipients that can guide you on eligibility, retirement planning, benefit estimates and records of earnings.<\/p>\n Additionally, the SSA has a Supplemental Security Income program<\/a> that provides monthly payments to people with disabilities and older adults who have little or no income or resources. Find out if you\u2019re eligible here<\/a>.<\/p>\n