3 Big Problems for Retirees on Social Security -- And How to Fix Them
More than 65 million people in the United States currently receive Social Security benefits, and nearly 90% of retired workers rely on those benefits to some degree, according to pollster Gallup. But the Social Security program is also an important part of the retirement planning process for future retirees and their spouses.
Unfortunately, the program is in desperate need of reform. Here are three of the most pressing problems for seniors on Social Security -- and a recommendation on how to the fix them.
The Old-Age and Survivors Insurance (OASI) Trust Fund -- the source of Social Security benefits paid to retirees and survivors -- will run dry in 2034, according to a recent report from the Board of Trustees. Beyond that point, the program will rely entirely on payroll taxes, but that revenue will only cover 77% of the scheduled benefits.
Source Fool.com
