Social Security's Silver Lining Will Be Missing in 2026, and That's Potentially Terrible News for Up to 30 Million Retirees

In November, over 70 million people received a Social Security benefit, more than 53 million of whom are retired workers. For most of these retirees, Social Security income isn't a luxury -- it's a necessity.In 2023, Social Security lifted 22 million Americans above the federal poverty line (including 16.3 million adults aged 65 and over), which is more than any other social program. It's also responsible for lowering the poverty rate for seniors aged 65 and above to 10.1% (as of 2023) from an estimated 37.3% if the program didn't exist. For retired-worker beneficiaries, few announcements are more anticipated than the annual cost-of-living adjustment (COLA), which allows them to calculate how much they'll receive on a monthly basis for the upcoming year. While the prospect of a larger payout tends to put a smile on the faces of Social Security's traditional beneficiaries, up to 30 million retired workers may be primed for a massive disappointment in the new year.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool