10 Stats That Show Why Social Security Is Broken
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Put plainly, Social Security is the most important social program for seniors in this country. Without the guaranteed monthly income Social Security provides, poverty levels among seniors would spike from 8.8% to more than 40%, according to a study by the Center on Budget and Policy Priorities (CBPP). That's how important Social Security is.
Unfortunately, this financial foundation for seniors is crumbling before our eyes. A recently released report from the Social Security Board of Trustees suggests that in less than two decades' time, the program we know today could undergo major changes, all of which would seem to be bad news for current and future retirees. Should Congress fail to make any changes to Social Security, up to a 23% across-the-board cut in benefits could be headed seniors' way by 2034, per the report.
Source: Fool.com
