Meet Social Security's 2 Silent Killers
I have good news and bad news when it comes to Social Security.
On the bright side, despite fears of the program becoming insolvent or going belly up, there's virtually no chance of Social Security disappearing. Even though the latest Social Security Board of Trustees report highlighted a $13.9 trillion cash shortfall between 2035 and 2093, which clearly has a lot of folks worried that the program will simply cease to exist when they retire, this isn't the case.
Social Security's two sources of recurring income -- the 12.4% payroll tax on earned income and the taxation of benefits -- ensure that there will always be money flowing into the program to pay eligible beneficiaries. With the exception of Congress changing how Social Security is funded, it simply can't go bankrupt, and will therefore be there for you when you retire, whether that's soon or many decades from now.
Source Fool.com
