Social Security Cuts May Be Coming, but They Don't Need to Wreck Your Retirement
The Social Security Trustees shared some pretty bleak projections in their latest report, which was released last week. By 2035, Social Security expects to exhaust its trust funds, which are the cash reserves it can tap when its financial obligations exceed its incoming revenue.
Those trust funds are important, because in the coming years, Social Security expects to pay out more in benefits than it collects in revenue -- we can thank the mass exodus of baby boomers from the workforce for that. Once those trust funds run dry, which the Trustees say may happen as early as 2035, Social Security may have no choice but to slash benefits to the tune of 21% unless Congress manages to intervene and save the program from insolvency.
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Source Fool.com
