President Obama's budget, released Wednesday, would cut benefits for Social Security recipients and disabled veterans through a so-called "chained consumer price index." This proposed change in how cost of living adjustments are calculated would mean that if you're 65 years old today, you would lose more than $650 a year when you reach 75 and more than $1,000 a year when you reach 85.
The proposed change would also affect more than 3.2 million veterans receiving disability benefits. Veterans who started receiving disability benefits at age 30 would have their benefits reduced by $1,425 at age 45, $2,341 at age 55 and $3,231 at age 65. Benefits for more than 350,000 surviving spouses and children would also