3 Potential Social Security Changes to Watch
Social Security accounts for at least 50% of income for half of senior married couples and for seven in 10 unmarried seniors. That makes it a vital source of retirement money for millions -- and it means every current and future retiree has a vested interest in ensuring its future financial stability.
The fact is, while Social Security keeps millions of seniors out of poverty, it's not in the best financial shape itself. The program's trust fund is at risk of running short of money in 2035, which would mean benefits could only be paid from revenue being collected. That would leave a shortfall that would necessitate a 24% cut.
Retirees can't afford to take such a big hit, and politicians can't afford to let them, as seniors are one of the more reliable voting groups. That means change is inevitable to shore up Social Security, although modifying the program will be hard and lawmakers could very well kick the can down the road a few years before they act.
Source Fool.com
