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Average Americans Would Need an Extra $145,650 to Adjust for Social Security Cuts

Average Americans Would Need an Extra $145,650 to Adjust for Social Security Cuts

In 2035, Social Security's trust fund is scheduled to run dry, necessitating a 24% automatic cut to benefits as payroll tax revenue will be enough to pay only 76% of the promised amount. Losing that much money from Social Security benefits would be a big hit -- and future retirees need to save a substantial sum to make up for the missed income. Most retirees get their income from Social Security and investments.