Americans set to lose up to $675,000 in Social Security benefits

If there are no changes, this could cost retirees in the future up to $675,000 in payouts over their lifetimes.

Healthview, a retirement data supplier, recently produced a fresh estimate that is in line with the SSA's June estimates.

Unless Congress takes action, the monthly payments are now anticipated to be reduced starting in 2034 as trust funds run out.

An average 35-year-old millennial making $50,000 in 2022 will get $13,500 less in yearly Social Security income in the first year of retirement if benefits are decreased by 20%.

A 35-year-old earning $50,000 in 2022 can currently anticipate receiving nearly $1.8 million in lifetime Social Security benefits, according to the analysis.

Even so, the anticipated 20 percent cut would result in a benefit loss of roughly $365,000, or more than $17,000 annually during retirement.

According to the research, a constant annual gain in savings can be used to offset future Social Security payouts.

Between now and the time they reach full retirement age, a 35-year-old making $100,000 should attempt to increase their annual savings by $2,543.