Social Security Recipients Just Got Some Really Bad News
Millions of seniors today rely on Social Security to cover their bills in retirement. And for many older Americans, those benefits are their primary or only source of income.
The problem, though, is that Social Security is facing a funding shortfall. The program's main revenue source is payroll taxes. But in the coming years, that source is expected to shrink. We can thank a mass exodus of baby boomers from the workforce for that.
Now, Social Security has trust funds it can tap to keep up with scheduled benefits, even once its payroll tax revenue is cut. But once those funds are depleted, Social Security may have to reduce benefits, despite the financial upheaval recipients are apt to experience as a result.
Source Fool.com
