{"id":599598,"date":"2023-12-01T17:00:01","date_gmt":"2023-12-01T14:00:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/"},"modified":"2023-12-01T17:00:01","modified_gmt":"2023-12-01T14:00:01","slug":"social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/","title":{"rendered":"#Social Security Cuts: 4 Programs and Services for Boomers Struggling in Retirement"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a242ea8db6b4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a242ea8db6b4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/#Cuts_to_Social_Security\" >Cuts to Social Security\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/#Cost_of_Living_Adjustment\" >Cost of Living Adjustment<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/#Programs_and_Services_for_Boomers\" >Programs and Services for Boomers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/#Supplemental_Nutrition_Assistance_Program\" >Supplemental Nutrition Assistance Program<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/#Commodity_Supplemental_Food_Program\" >Commodity Supplemental Food Program<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/#Medicare_Savings_Programs\" >Medicare Savings Programs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/#Senior_Community_Service_Employment_Program\" >Senior Community Service Employment Program<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/social-security-cuts-4-programs-and-services-for-boomers-struggling-in-retirement\/#Bottom_Line\" >Bottom Line<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"\"><div class=\"article-thumbnail\">\n    <div class=\"article-thumbnail--thumbnail\">\n        <img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2018\/02\/00-iStock-499914709.jpg?webp=1&amp;w=675&amp;quality=75\" class=\"attachment-full size-full wp-post-image main-post-image\" alt=\"Still life of US dollars and Social Security Card.\" has-ai-generated-content=\"\" sizes=\"(max-width: 1920px) 100vw, 1920px\" fetchpriority=\"high\"><p>\n                    Peterfactors \/ iStock.com                <\/p>\n    <\/div>\n<\/div>\n<p>As baby boomers age into retirement, many find their financial outlook a little more uncertain than they had hoped. For several years, Congress has debated cuts to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security programs that could reduce or close certain services and benefits many boomers rely on.\u00a0<\/p>\n\n<p>In this article, we\u2019ll discuss potential cuts to Social Security and look at some programs and services that can provide much-needed assistance.\u00a0With so much uncertainty about Social Security\u2019s future, now is arguably an even more critical time than ever to become familiar with these proposed changes \u2014 and plan accordingly.<\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/70999a1e-3489-11ed-9a44-0a919b37cd73?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1948431&amp;targeting%5Bcurrent_internal_id%5D=1253516&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=&amp;targeting%5Bzone%5D=01&amp;resize=1\"><\/iframe>\n    <\/p><h2><span class=\"ez-toc-section\" id=\"Cuts_to_Social_Security\"><\/span>Cuts to Social Security\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It\u2019s no secret that Social Security is running low on money. If nothing changes, the trust funds that Social Security has been withdrawing from will be depleted within the next decade. That means Social Security won\u2019t have enough money to pay retirees their full benefits.\u00a0<\/p>\n<p>\u201cThe most recent Social Security Trustees report explains that the OASI and HI asset reserve funds are on track to be depleted in 2033,\u201d said Joe Allaria, partner at CarsonAllaria Wealth Management and host of \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.retirementpowerhourpodcast.com\/\">The Retirement Power Hour<\/a>.\u201d \u201cAt that time, there would only be enough revenue from Social Security to cover 77% of scheduled benefits until 2097.\u201d<\/p>\n<p>\u201cGiven the magnitude of Social Security\u2019s impact on so many Americans,\u201d Allaria added, \u201cthe odds of benefits taking a 23% cut across the board are very low. However, the longer we wait to address this obvious issue, the more difficult it will be to fill the necessary gap.\u201d<\/p>\n<p>To address the problem, a <a rel=\"nofollow noopener\" target=\"_blank\" data-is-dynamic-hyperlink=\"true\" href=\"https:\/\/products.gobankingrates.com\/pub\/42fe90e5-04e6-4697-8131-9572b8471450?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1948431&amp;targeting%5Bcurrent_internal_id%5D=1253516&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=&amp;resize=1\" data-param=\"1\">few proposed solutions<\/a> are being discussed. This includes reducing Social Security benefits or raising the full retirement age. While increasing the full retirement age won\u2019t affect most boomers, reduced benefits could impact them because they are already at or near retirement.\u00a0<\/p>\n<p>Nothing has been decided yet, so any cuts or adjustments to Social Security are still just proposed at this point.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Cost_of_Living_Adjustment\"><\/span>Cost of Living Adjustment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Although it\u2019s not a cut, the Cost of Living Adjustment (COLA) impacts the amount of money Social Security recipients receive. Each year, Social Security increases its benefits according to the COLA, which is based on increased cost of living as measured by the <a rel=\"nofollow noopener\" target=\"_blank\" data-is-dynamic-hyperlink=\"true\" href=\"https:\/\/products.gobankingrates.com\/pub\/42fe90e5-04e6-4697-8131-9572b8471450?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1948431&amp;targeting%5Bcurrent_internal_id%5D=1253516&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=&amp;resize=1\" data-param=\"1\">Consumer Price Index<\/a>. The COLA for 2024 will be 3.2%. The COLA for 2022 was 8.7%, the most significant increase since 1981.<\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/70999a1e-3489-11ed-9a44-0a919b37cd73?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1948431&amp;targeting%5Bcurrent_internal_id%5D=1253516&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=&amp;targeting%5Bzone%5D=03&amp;resize=1\"><\/iframe>\n    <\/p><p>The COLA is based on inflation in the third quarter of the prior year (July, August and September). In this year\u2019s calculations, inflation was high during the first two quarters and then slowed by the third quarter, thanks to rate adjustments by the Federal Reserve. However, some people may have accrued debt during those months of rapid inflation. A smaller COLA increase could make it harder for retirees to pay down the debt accrued during those times. The increase of 3.2% may not be able to keep pace with today\u2019s inflation or that in the coming quarters.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Programs_and_Services_for_Boomers\"><\/span>Programs and Services for Boomers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you\u2019re struggling with money in retirement, there are a few programs and services you can consider. These programs can help with food, medical bills and employment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Supplemental_Nutrition_Assistance_Program\"><\/span>Supplemental Nutrition Assistance Program<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Supplemental Nutrition Assistance Program (SNAP) provides food benefits to low-income Americans to supplement their grocery budget. You have to qualify according to your income and assets. A household with an elderly or disabled person has to meet only the net income limit, which is gross income minus allowable deductions.\u00a0<\/p>\n<p>The net monthly income limit for SNAP from Oct. 1, 2023, through Sept. 30, 2024, is $1,215 for a household of one or $1,644 for a household of two.\u00a0<\/p>\n<p>If you\u2019re eligible, you will receive SNAP benefits on an Electronic Benefits Transfer (EBT) card, which works like a debit card. Benefits are automatically loaded into your account each month. You can then use your EBT card to buy groceries at authorized food stores and retailers.<\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/70999a1e-3489-11ed-9a44-0a919b37cd73?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1948431&amp;targeting%5Bcurrent_internal_id%5D=1253516&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=&amp;targeting%5Bzone%5D=05&amp;resize=1\"><\/iframe>\n    <\/p><h3><span class=\"ez-toc-section\" id=\"Commodity_Supplemental_Food_Program\"><\/span>Commodity Supplemental Food Program<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The U.S. Department of Agriculture runs the Commodity Supplemental Food Program (CSFP). Certain low-income people over the age of 60 are eligible for a monthly food package containing vegetables, fruits, cheeses, grains, protein, milk and more.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Medicare_Savings_Programs\"><\/span>Medicare Savings Programs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Medicare Savings Programs can help pay your Medicare Part A and B premiums, deductibles, coinsurance and copayments to eligible recipients. You <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly for Medicare Savings Programs through your state, and your state will determine which program or programs you qualify for.\u00a0<\/p>\n<p>To qualify, you must have income and resources below a specific limit. There are four Medicare Savings Programs: the Qualified Medicare Beneficiary (QMB) Program, the Specified Low-Income Medicare Beneficiary (SLMB) Program, the Qualifying Individual (QI) Program and the Qualified Disabled and Working Individual (QDWI) Program.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Senior_Community_Service_Employment_Program\"><\/span>Senior Community Service Employment Program<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If you\u2019re struggling with money in retirement and are not disabled, you may be able to work part time. If the cuts have impacted you, part-time work can help supplement your Social Security income. The U.S. Department of Labor runs the Senior Community Service Employment Program. It helps subsidize part-time employment and training in community service positions so older workers can move to unsubsidized, private-sector jobs.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bottom_Line\"><\/span>Bottom Line<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Retirement should be a relaxing time, but finances can cause stress. If you\u2019re struggling with money, try checking out one of these programs or services. They may be able to help lift some of the financial burden that you are feeling during retirement.\u00a0<\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/70999a1e-3489-11ed-9a44-0a919b37cd73?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1948431&amp;targeting%5Bcurrent_internal_id%5D=1253516&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=&amp;targeting%5Bzone%5D=07&amp;resize=1\"><\/iframe>\n    <\/p><p>Allaria said the best thing you can do today is plan for the worst-case scenario: a 23% benefit reduction in 2033.\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>More From GOBankingRates<\/strong><\/p>\n\n\n\n\n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp gbr-below-article-native\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/cd2c90d2-ba06-11ed-8078-0a919b37cd73?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1948431&amp;targeting%5Bcurrent_internal_id%5D=1253516&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=&amp;resize=1\"><\/iframe>\n<!-- \/wp:post-content -->\n\n<!-- wp:paragraph -->\n\n<!-- \/wp:paragraph -->                    <\/div>\r\n<blockquote><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/blockquote>\r\n<blockquote>\r\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\r\n<\/blockquote>\r\n<blockquote>\r\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\r\n<\/blockquote>\r\n\r\n<span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.gobankingrates.com\/retirement\/social-security\/social-security-programs-for-boomers-struggling-in-retirement\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span>","protected":false},"excerpt":{"rendered":"<p>Peterfactors \/ iStock.com As baby boomers age into retirement, many find their financial outlook a little more uncertain than they had hoped. For several years, Congress has debated cuts to Social Security programs that could reduce or close certain services and benefits many boomers rely on.\u00a0 In this article, we\u2019ll discuss potential cuts to Social&#8230;<\/p>\n","protected":false},"author":1,"featured_media":599599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2018\/02\/00-iStock-499914709.jpg","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-599598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/599598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=599598"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/599598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/599599"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=599598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=599598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=599598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}