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Subject:  Re: Bernstein's 16pp Guide for Millennials Date:  9/26/2021  4:24 PM
Author:  syke6 Number:  104400 of 105399

And, y'know, none of these projections and scenarios account for the possibility of what might happen when the SSA "trust fund" [*} runs out in 2033 (or earlier).

If SSA benefits are cut by 24%, do you think it will happen across the board? Grandma who has only SS income and millionaires who are collecting a 32% bonus because they deferred to 70----Congress is going to let both of them get cut by 24%? You can write the headlines now. "Greedy millionaires want grannie to starve on catfood."

More likely, the folks who got 32% extra by deferring will get cut back to 100% of their FRA, THEN will get the across-the-board 24% cut.

None of those things will happen. If Congress tried to cut benefits for current or soon-to-be retirees there would be riots. What will happen is there will be some combination of tax increases and benefit cuts for future retirees, probably people 50 and under.
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