Anxiety about the future of the Social Security program is growing. In a recent Nationwide survey, 71% of adults of all generations said they are more worried now that Social Security will run out of funding. In this Retirement Daily article, The Impact of Cuts to Social Security Benefits, Covisum® Founder and President, Joe Elsasser, CFP® shows the impact that benefit cuts could have on a retirement strategy and how individuals can see the impact on their own strategies.
"One way to ease your anxiety about Social Security is to see exactly how a cut to benefits would affect your specific situation. This calculator can show you the impact. Simply enter your year of birth, benefit amount at your full retirement age, percentage of your benefit cut, and year that the benefit cut occurs to calculate your claiming strategy."