Social Security is facing some serious financial challenges. And if lawmakers don't step in soon, many retirees who rely on those benefits are likely to suffer.

In coming years, Social Security expects its primary funding source -- payroll tax revenue -- to shrink as baby boomers start to retire en masse. The program can tap its trust funds for a while to keep up with scheduled benefits in the absence of adequate payroll tax revenue. But once those funds run dry, benefit cuts will be a distinct possibility.

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Source Fool.com