87% of Workers Are Banking on Social Security to Fund Their Retirement -- but Should They Be?
Millions of seniors count on Social Security to pay the bills, and many future retirees are planning to do the same. In fact, 87% of workers today expect Social Security to be a top source of retirement income, according to a recent survey by the Employee Benefit Research Institute. But are workers putting too much faith in a program that may be rapidly losing steam?
Social Security is facing a significant funding shortfall in the coming years, and that's something today's workers need to know about. Right now, the program gets the bulk of its revenue from payroll taxes -- the taxes that workers pay on wages of up to $142,800 (that threshold changes from year to year).
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Source Fool.com
