22%
Unless changes are made, benefits will decrease by about 22% in 2034. Unfortunately, many retired Americans rely on Social Security as the primary and only source of retirement income.
A 2020 study made by The National Institute on Retirement Security showed that 40% of older Americans live just on Social Security. For them, this kind of benefit reduction would be devastating. If that happens, the program Trust Fund will still depend on taxes paid by existing workers.
With the number of retirees increasing compared to the number of workers, this 22% cut will be imperative if the Social Security program doesn’t get adjusted.
NJ should be on your list of “12” as Social Security is taxed federally.