Social Security's Trust Funds Could Be Drained in Just Over 10 Years

Millions of seniors rely on Social Security as a primary source of income, but the program is facing some fiscal challenges that could result in an extreme reduction in benefits if those issues are left unaddressed. The crux of the matter is this: In the coming years, Social Security expects to owe more money in benefits than it collects in revenue. The reason? Baby boomers will be leaving the workforce in short order as they age and start drawing on their benefits, while a smaller, inadequate number of younger workers will be coming in to replace them.

Now the good news is that Social Security has trust funds it can tap to bridge the gap between the benefits it's scheduled to pay and the revenue it has coming in. But once those trust funds run out of money, benefit cuts will be on the table. And unfortunately, that milestone may be coming sooner than anyone would like.

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Source Fool.com