3 Ways to Prepare for Future Social Security Cuts
A new report from the Social Security Administration Board of Trustees shows that benefit cuts could be looming in the relatively near future.
In recent years, the money coming in from workers' payroll taxes hasn't been enough to completely cover retirees' benefits. As a result, the Social Security Administration has had to tap its trust funds to cover the deficit.
However, according to the most recent estimates, those trust funds are expected to run dry by 2034. At that point, payroll taxes will only cover around 77% of projected benefits, meaning your monthly checks could be cut by up to 23% by 2034.
Source Fool.com
