3 Reasons Your Social Security Benefits Could Take a Serious Hit
Millions of seniors look to Social Security to help fund their retirements. In fact, those benefits are a major source of income for 64% of retirees today, according to the Society of Actuaries.
Unfortunately, you may wind up disappointed in your benefits as a senior since they could end up coming in lower than expected. Here's why.
In April of 2020, the Social Security Trustees reported that the program's trust funds are set to run dry by 2035. Social Security will rely on those cash reserves in the coming years to keep up with scheduled benefits, since it expects to owe more money than it takes in. The reason for that boils down to the mass exodus of baby boomers from the workforce that's expected to happen over the next decade or so (one that may be fueled by COVID-19-related unemployment, too). Once those trust funds run out of money, benefits could be slashed by more than 20%, leaving current and future recipients in the lurch.
Source Fool.com
