Social Security Benefits Could Drop $16K For Couples — What A New Bipartisan Bill Aims To Do

Newly retired couples could see a decrease in their Social Security benefits in the coming years. According to data from the nonpartisan, nonprofit organization Committee for a Responsible Federal Budget, couples who plan to retire in six years may receive $16,900 less in annual Social Security benefits. The organization states that Congress will have to secure additional funds in the coming years to make sure beneficiaries don’t see a significant decrease in their payments. At the current rate, however, the trust fund that allows monthly Social Security payments could be depleted by the year 2032, USA Today reported.

“These cuts are projected to grow over time due to the rising gap between Social Security’s costs and dedicated revenues,” the CRFB states. “At the end of the century, annual benefit cuts are expected to reach 35%.”

How can Congress stop beneficiaries from losing Social Security payments?

In a bipartisan meeting that took place this week, senators introduced legislation that could save Social Security payments. The plan is to form a bipartisan Social Security Advisory Board that would draft a bill that aims to support the Social Security trust fund for many more decades.

House and Senate congressional leaders will review the legislation before it’s presented to committees. The committees will then hold hearings to revise the legislation. The bill can only become law with 60 votes in the Senate and a House majority vote.

What are the plans that could save social security benefits?

Although lawmakers haven’t established any concrete plans at this time, analysts have discussed several ideas throughout the years to fund Social Security payments. Some have proposed raising the full retirement age and some others also suggest increasing the payroll tax. According to another recent idea from the CRFB, the total annual Social Security amount for a couple at full retirement age should be set at a maximum of $100,000.

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