If nothing changes, Social Security will face a 23 percent across-the-board benefit cut in 2033, according to the Committee for a Responsible Federal Budget.
Older Americans may stay in the workforce for longer as Social Security is predicted to become insolvent in just 10 years, experts say. For an average newly retired couple, that means $17,400 less.A single-income couple, meanwhile, would have $13,100 less in benefits, on average.
'We work with a relatively young clientele, and they aren't too confident today's system will be the one they inherit when they retire,' Douglas Boneparth, a certified financial planner and president and founder of Bone Fide Wealth in New York, told CNBC. 'They want to hedge their bets.'Already, under the current benefits program, roughly 10 percent of older adults live in poverty, according to the Center on Budget and Policy Priorities.
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