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New web tool shows how Social Security cuts could hit your wallet – CNBC

As Social Security’s trust funds run low, benefit cuts could be on the table. Here’s why you shouldn’t base your claiming decision on fear that could happen.

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A Social Security Administration office in San Francisco.
It’s no secret the funds Social Security uses to pay benefits are running low.
New proposals on Capitol Hill aim to fix the program’s solvency.
Just how dramatic those changes will need to be depends on how soon changes are put through.
Likewise, people who are planning for their retirement now may also want to make adjustments based on unforeseen events that could pop up down the line.
That includes any potential cuts to Social Security…

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