Seniors Get Cuts on Social Security Checks

If President Obama’s budget proposal gets approved, then seniors would be facing some hard times. That’s because under the proposal, they are supposed to get cuts on their social security checks. That can be a huge blow for them since most seniors rely on social security checks for the most basic of needs. The aim of the budget proposal is to lower the federal debt, but it would also affect what the seniors are getting. According to Tami Luhby of CNN Money:  The president's proposal would provide protections for the oldest seniors, low-income seniors and veterans, and those who are disabled. Seniors ages 76 to 85 would receive a supplemental payment annually to offset some of the slowdown in growth. Also, programs that are geared for those in or near poverty, such as the Supplemental Security Income, would be exempt from the switch to chained CPI. The change would still make a difference for many people. Chained CPI is expected to grow between 0.25 and 0.3 percentage points more slowly than the current CPI measure. Initially the change would be small, around $38 and $45 in the first year, for the retired. Over time though, it would grow to the hundreds. You can read the full article here.