Social Security update: Why millions of retirees could see $300 cuts to retirement checks

Social Security update: Why millions of retirees could see $300 cuts to retirement checks


Outstanding student loan debt could significantly cut the amount retirees receive in their Social Security checks.

Retirees may have part of their Social Security checks withheld by the government in order to pay off their outstanding student debts. This significantly imperils retirees, who, unlike younger workers, have no way to pay off the debts otherwise, a report from the New School’s Schwartz Center for Economic Policy Analysis found.

“Older debtors lack the characteristics of younger debtors — more ‘prime-aged’ working years left [to earn a salary], more time to save for retirement — making it harder for them to attain the promised ‘returns’ on their investment,” according to the report.

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“These older workers face the dual effects of both indebtedness and lack of enhanced earning

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