3 Ways to Make Up for a Smaller Social Security Check
Though Social Security is not in danger of going bankrupt, the program is in trouble. Back in April, the Social Security Trustees projected that the program's trust funds will run out of money by 2035. And that's a very big deal.
Social Security gets the bulk of its revenue from payroll taxes, but in the coming years, it expects to owe more money in benefits than it takes in revenue-wise. The reason? With so many baby boomers leaving the workforce at the same time and filing for benefits, there won't be enough replacement workers to compensate.
Now the good news is that Social Security can tap its trust funds to make up for that revenue shortfall. The bad news is that those funds will only last for so long, and once they're out of money, substantial benefit cuts may be on the table. Clearly, that's not the news anyone wants to hear, but there are steps you can take to compensate financially should Social Security have to resort to such drastic measures.
Source Fool.com
