Social Security Is In Trouble -- Most Americans Support This Strategy to Avoid Benefit Cuts
Social Security serves as a critical income source for millions of retired seniors. And while those benefits aren't in danger of going away completely, benefit cuts are on the table.
The reason? In the coming years, Social Security expects to spend more on scheduled benefits than it collects in revenue. That's because baby boomers will be leaving the workforce in droves. Once that happens, the amount of revenue derived from payroll taxes will decline. And since those taxes are Social Security's main funding source, the program will have to operate at a deficit.
Now it's worth noting that Social Security does have trust funds it can tap once its revenue declines. But once those funds are depleted, benefit cuts will be on the table. And recent projections indicate that the Social Security trust funds will run out of money by 2035.
Source Fool.com
