News Summary

• Some 70 million Social Security recipients will see their benefits cut automatically by 22%.
• For the average senior, that would mean about $500 less each month.
• To close the looming gap in Social Security's finances, Congress has to either raise taxes, cut benefits or some combination of the two.
• AARP says any cut in benefits, such as raising the retirement age, would likely be phased in over time, but LeMond says AARP is strongly opposed to such a move.
• The Senate Finance Committee held a hearing yesterday on how to prevent deep cuts to Social Security benefits in a few years.