Can Social Security Survive the COVID-19 Crisis?
Millions of seniors depend on the income they receive from Social Security to pay the bills in retirement. In fact, without those benefits, a large number of seniors would virtually be living in poverty. This is why Social Security's long-term solvency is so important.
However, the latest Trustees Report released in April reveals that the program isn't in great shape. Throw in the impact of the COVID-19 crisis, and you have a recipe for potential disaster.
Social Security is facing a serious shortfall in the coming years because it's estimated that it will owe more in benefits than it collects in revenue. Why so? Social Security gets the bulk of its funding from payroll taxes. Right now, workers are taxed on up to $137,700 of income, and that cap tends to climb from year to year.
Source Fool.com
