There is a lot of skepticism directed at the federal government in light of the last-minute decision to reach a compromise on the debt ceiling issues. Just because President Obama signed into affect a temporary measure to ensure Social Security recipients and Veterans received their benefits checks in August does not mean things are moving forward in a positive light.
There is still a chance that some major spending cuts will affect those who rely on the government benefits the most. With Medicare, there may be cuts that increase how much the elderly will have to pay for their usual medical treatments. These higher expenses in light of the possibility of lower benefits are going to have a serious impact on the nation.
While there is not much time to really prepare adequately, those who receive benefits should get a plan in place to continue financial stability. Budgeting and savings priorities are of the utmost importance at this time so as to have the financial ability to survive the cuts. Many people are living paycheck to paycheck and any change can have serious repercussions on a lifestyle.
If you are unsure about where the future might leave you in light of possible benefit cuts or if you know you are eligible to receive benefits for Social Security but are not sure how to go about it, contact our office at 855-614-4351 for a free consultation and guidance. We can help you figure out how the changes affect you and what you can do to prepare for the future.