Many Americans, particularly pre-retirees, are worried about the Social Security cuts recently discussed in Congress. But they may not be aware that cuts already enacted will affect their benefits.
In the 1980s, Congress enacted changes to Social Security to ensure the program's long-term solvency. Those changes will cut retirement benefits by 19 percent for workers born in 1960 and later, and more cuts could undermine the basic economic security of future retirees, according to a new report released by the National Academy of Social Insurance.
The report said that modest benefit improvements and revenue increases are affordable, have broad public support, and can close Social Security's long-term financing shortfall without more benefit cuts.
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