Might already have been.
The average monthly Social Security payment this year is $1,404. That figure accounts for the 2% cost-of-living increase that recipients were given for 2018. Now when we multiply that number over 12 months, we arrive at an annual income of just $16,848.
Let's stop for a minute and process that. It's estimated that the average healthy 65-year-old today will spend an estimated $200,000 on healthcare over the course of retirement. If we assume a 25-year retirement, that's $8,000 a year, which means that anyone aiming to exist on Social Security alone would essentially be left with a mere $737 a month to cover his or her remaining bills. And frankly, that's just not going to happen.