Here's how much your Social Security benefits could be cut without a fix
CBSN
Social Security is edging closer to a financial cliff that could eventually lead to sharp benefit cuts for 70 million Americans, with a typical couple facing an annual payment reduction of $16,500 in 2033, according to a recent analysis from the Committee for a Responsible Federal Budget.
A middle-income single worker would see their benefits cut by $8,200 per year, according to the group, a nonpartisan advocacy organization focused on fiscal issues.
The analysis is based on a dual-income couple with medium career earnings, or individual annual pay of about $63,000 a year. Notably, it also assumes that the Social Security system isn't repaired before its trust fund is projected to become insolvent in 2033 — an outcome many experts have long said is unlikely given the political consequences to both parties of slashing benefits.
Treasures long forgotten by history have been uncovered beneath the surface in underground digs or hidden away in attics or storage spaces. In the case of a rare document nearly 237 years old, it was in a nondescript squat metal filing cabinet that had been sitting discarded and gathering dust in an eastern North Carolina home for who knows how long.