Surprise! Social Security Will Net $650 Billion Over the Next Decade by Taxing Its Beneficiaries
For more than 80 years, Social Security has played a critical role in providing a financial foundation for retired workers. Today, 62% of retired workers lean on Social Security for at least half of their monthly income, with an analysis from the Centers for Budget and Policy Priorities finding that the program is responsible for pulling more than 15 million seniors out of poverty each year.
But providing for 64-million-plus beneficiaries (retirees, survivors, and the disabled) each year is expensive. Last year, the Social Security program spent almost $1.06 trillion. This means the program needs steady sources of funding to ensure its longevity.
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Source Fool.com
