For most Americans, Social Security is, or will become, a vital source of income during retirement. According to surveys conducted by national pollster Gallup, nearly 90% of current retirees lean on their Social Security income to make ends meet. Additionally, 84% of nonretirees expect to rely on Social Security as a "major" or "minor" source of income during their golden years. 

But even though it's been our nation's most successful retirement program for more than eight decades, Social Security finds itself in some pretty serious financial trouble. According to the 2022 Social Security Board of Trustees Report, the program is facing a jaw-dropping $20.4 trillion cash shortfall over the next 75 years.  While this doesn't mean Social Security is insolvent -- the program, thankfully, can't go bankrupt as long as Americans continue working -- it does portend the growing likelihood of steep benefit cuts on the not-too-distant horizon if nothing changes.

Image source: Official White House Photo by Katie Ricks.

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Source Fool.com