Are You Prepared to Withstand Social Security Cuts?
Social Security is in a bit of a pickle, to put things mildly. In the coming years, the program is expected to owe more money in benefits than what it collects in payroll tax revenue, which is its main source of funding. And the reason largely has to do with baby boomers making a mass workforce exodus with too few workers coming in to replace them.
Social Security has trust funds it can tap to make up for that revenue shortfall. But once those trust funds run dry, benefit cuts will be on the table. And that might happen sooner than anyone wants.
The most recent projection for the depletion of Social Security's trust funds has them running out of money by 2034. This means that Social Security cuts could end up happening in roughly a decade.
Source Fool.com
