The Social Security Administraton's planning to ax 7,000 jobs. What this means for its workers and Social Security beneficiaries.

The agency is also restructuring and closing six of 10 regional offices that coordinate and provide support to employees who serve beneficiaries.

WASHINGTON (AP) — The Social Security Administration is preparing to lay off at least 7,000 people from its workforce of 60,000, according to a person familiar with the agency’s plans who is not authorized to speak publicly. The workforce reduction, according to a second person who also spoke on the condition of anonymity, could be as high as 50%.