Americans could see their Social Security retirement payments cut

Millions of older Americans are facing a financial challenge which could threaten their retirement plans - outstanding student loan debt.

While student debt may be seen by many as a problem which mainly faces younger workers, there are 2.2 million people over the age of 55 with outstanding loans.

If they still owe student loans when they retire, they risk up to 15 percent of their Social Security retirement payments being taken by the Government at source if they default on the debts.

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