20% of Americans Think Social Security Will Let Them Down. Take These Steps if You Agree
Millions of seniors today collect Social Security. For some, those benefits comprise just a portion of their income. For others, those benefits cover the bulk of their bills.
But Social Security is facing a serious financial crisis. In the coming years, the program will owe more money in benefits than it collects in payroll tax revenue as baby boomers exit the labor force and not enough workers come in to replace them. The coronavirus pandemic has also done a number on Social Security. High unemployment levels have deprived the program of much-needed payroll tax revenue. If lawmakers don't intervene, Social Security may need to implement universal benefit cuts in as little as 15 years.
It's not surprising, then, that 20% of U.S. adults aged 18 and over think it's unlikely that Social Security will be there when they're ready to claim it, according to Northwestern Mutual's 2020 Planning & Progress Study. If you feel the same way, here are a few important steps you can take to compensate.
Source Fool.com
