3 Potential Social Security Changes to Watch
Social Security serves as a critical income source for millions of seniors, but the program is in trouble. In the coming years, it expects to owe more money in benefits than it collects in revenue, largely due to an anticipated mass exodus of baby boomers from the workforce.
Social Security can tap its trust funds to make up for a near-term revenue shortfall, but once those funds run out of money, benefit cuts will be on the table. And that could be catastrophic for the millions of retirees who rely on those benefits today, as well as future retirees who can't afford that hit.
As such, lawmakers are proposing changes to Social Security to help avoid a widespread reduction in benefits. Here are a few ways the program's rules might evolve in the coming years to sure up its finances.
Source Fool.com