I'm Not Worried About Social Security Benefit Cuts. Should You Be?
Social Security is a lifeline for many people who need the income from their retirement checks to support them. That's why the news that the program is facing a potential cashflow problem is cause for such concern.
The most recent Social Security trustee's report shows that the trust fund from which benefits are paid could be depleted as early as 2034. If that happens, the money coming in from current workers who pay Social Security taxes would still be available, but an automatic benefits cut of as much as 20% would have to go into effect because this wouldn't provide quite enough to pay all that was promised.
The big question is, should you be worried about this? And the answer depends on the specifics of your situation.
Source Fool.com
