Social Security has been around for decades. But that doesn't mean the program doesn't undergo changes. In fact, certain aspects of the program tend to change every year, like the maximum monthly benefit and the earnings-test limit.

Social Security is also facing some financial challenges that could result in benefit cuts down the line. The problem is that as baby boomers exit the workforce in droves, there won't be enough younger workers to come in and replace them, thereby paying into Social Security. And so as that mass exodus happens and boomers start filing benefit claims, Social Security will have to dip into its trust funds to make up for a big revenue shortfall.

Image source: Getty Images.

Continue reading

Source Fool.com