Social Security Cuts May Be Coming, but Here's How You Can Boost Your Benefits to Compensate
In April, the Social Security Trustees shared a dire update with the public: Benefit cuts may be on the table as early as 2035, the year the program is expected to deplete its trust funds.
Though Social Security gets the bulk of its revenue from payroll taxes, in the coming years, it expects to owe more in benefits than it collects due to the mass exodus of baby boomers from the workforce. The program can tap its trust funds to make up for that shortfall, but once those funds run dry, it may have no choice but to implement substantial cuts to scheduled benefits.
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Source Fool.com
