Social Security Cuts Won't Wreck Your Retirement -- If You Do This
You may have heard a rumor by now that Social Security is on the verge of going bankrupt and disappearing completely. Well, you can breathe a sigh of relief because that's not true.
Yes, Social Security is facing a revenue crunch. And the program's finances aren't great. But the program also isn't in danger of going away completely, so you can put that concern out your mind.
That said, Social Security cuts are a distinct possibility in the not-so-distant future. The reason is that in the coming years, the program expects to owe more in benefits than it collects in revenue due to baby boomers retiring in short order and handing over less payroll tax.
Source Fool.com
