How Sick Will Social Security Be After the Coronavirus?
Social Security plays a vital role in the financial security for tens of millions of Americans. However, we've known for years that Social Security faced a long-term challenge, as the large number of retiring Baby Boomers reflected a demographic shift that is predictably putting pressure on the program. As boomers retire, they stop contributing payroll taxes to the system and start drawing benefits out. That combination will force Social Security to start drawing from its trust funds, and the expectation is that those funds will run out of money within the next 15 years, according to the latest Social Security Trustees Report.
Social Security's current financial projections are consistent with past reports, but they leave out one key factor: the economic impact of the coronavirus pandemic. To be fair, the Trustees Report itself acknowledges that its figures didn't incorporate any projections about the outbreak, given the high level of uncertainty surrounding its likely effects. Nevertheless, that hasn't stopped others from taking a closer look at the question, and some of the initial estimates are extremely concerning.
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Source Fool.com