Amid the increasingly damning reports on the rising threat of America’s runaway deficits and debt, the looming disaster that could upend the lifestyle of tens of millions of elderly Americans is getting scant attention. In less than seven years, the Social Security retirement trust fund will go broke, and under federal law, its insolvency will automatically trigger gigantic reductions in benefits. According to estimates from the nonpartisan Committee for a Responsible Federal Budget (CRFB), low- and medium-income retired couples would respectively face hits of $11,200 and $18,400 a year, shrinking....

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