Changes coming to Social Security benefits by 2022

Posted at 5:45 AM, May 21, 2018
and last updated 2018-05-21 09:31:06-04

(FOX NEWS) — Big changes are coming to the nearly 23 million people receiving Social Security benefits.

By 2022, Social Security will be paying out more than it takes in.

This could mean cuts as much as 23 percent in order to keep payouts going through 2091, if Congress doesn’t take stronger measures.

The department blames longer lifespans, lower interest rates, and more baby boomers entering the system.

Again, these changes won’t be implemented until as early as 2022.