Social Security as We Know It Won't Be There for Americans If This Happens
Most Americans have serious concerns about the future of Social Security. In fact, according to a recent survey from Nationwide, 79% of millennials, 81% of Gen Xers, and 66% of baby boomers worry that the popular retirement benefits program will run out of money during their lifetimes.
That can't happen under the current system. But if President Donald Trump is reelected and follows through on one of his key campaign promises, that majority of Americans who believe funding will run out may very well end up being correct after all.
Social Security's funding stream right now is a very safe one. There's a dedicated payroll tax set at 12.4% total -- with half paid by employees and the other half paid by employers. This money goes directly to Social Security, which maintains a separate budget from other federal programs as well as a trust fund from which it can draw to help pay out benefits.
Source Fool.com
