5 Issues With the Social Security 2100 Act
As you're probably aware, our nation's most important social program has some pretty big looming problems. According to the Social Security Board of Trustees, the program is facing a mammoth cash shortfall of $13.9 trillion between 2035 and 2093, which is the result of a combination of ongoing demographic changes. If these issues aren't deal with, Social Security could face an across-the-board cut to benefits of up to 23% for retired workers in less than 16 years.
That's a problem, because more than three out of five retired workers are currently relying on their payout from Social Security to account for at least half of their monthly income. If these folks see nearly a quarter of their income disappear, the elderly poverty rate could skyrocket.
The fact is that the American public is waiting on their elected officials in Washington to resolve Social Security's looming cash crunch -- and the lower house of Congress may oblige in the very near future.
Source Fool.com
