A few experts revealed that up to 20% of the Social Security benefits may be reduced as early as 2032. In this article, read and find out how much benefits will be received in Social Security checks in 2023!To date, around 66 million beneficiaries receive Social Security benefits for an average of $1,691. However, a few experts have revealed that up to 20% of the payments may be reduced as early as 2032. This means that the Social Security checks in 2023 may shrink to $1,352 which is a decrease from the 8.7% boost of cost of living adjustments (COLA) early this year.
According to Fragassi, unless the U.S. Congress will get involved with measures to maintain funding for the Social Security Administration (SSA), the program may become insolvent as early as 2033. The Social Security checks in 2023 have also been the subject of debate recently as the country reaches its debt ceiling limit.
Measures to Maintain the Social Security Checks in 2023
According to Luhby, there are allegations that the budget for the Social Security checks in 2023 will be cut. However, the U.S. President Joe Biden and the House Republicans have sworn that the program would not be affected despite the struggle over the national budget. Instead, Biden and U.S. Senator Joe Manchin have proposed to increase the taxes, especially on the wealthiest American taxpayers. This move is intended to guarantee the longevity of the SSA.
In addition, the Congress is also advised to increase the full retirement age to 67 from 65. The last time an extensive overhaul to the Social Security was executed was still in 1983, 48 years after the program was officially launched in 1935.