benefit cuts

It's a tough time to be old in America, and it's worse than you may realize: According to a recent report, on average, if government benefits were taken out of the equation, the elderly would have far less income than they'd need to survive. Here's where the problem is worst.

In 2036, Social Security's Trust Fund is set to run out of money, after which it's anticipated that the program's benefits will be cut by about a quarter. And if you're likely to be around when that happens, you need a plan to make up the difference.

Described as a "fear tactic" by critics, the White House warned Tuesday that if Congress fails to raise the debt ceiling soon, come August, millions of Social Security recipients may find themselves without a check. The comments were met with a firestorm of criticism by seniors and their advocates.