Social Security Needs a Financial Lifeline. Could This Be It?
Social Security has a revenue problem to grapple with -- and soon. In the coming years, the program expects to owe more in scheduled benefits than it collects in revenue. Those benefits can continue to be paid until Social Security's trust funds run out of money, but once that happens, which may be as early as 2035, benefit cuts could be on the table.
But a widespread reduction in benefits could be catastrophic. Many seniors have no other source of income but Social Security to rely on. Cutting that income source could fuel a massive poverty crisis, and that's clearly not what lawmakers want.
As such, lawmakers have roughly a decade and change to come up with a solution for Social Security's financial woes. And one proposal has been gaining traction. But it's a proposal that may not sit well with taxpayers at all.
Source Fool.com
