The Coronavirus Pandemic Has Made Americans Even More Nervous About Social Security
Millions of seniors collect Social Security, and for many, those benefits are their primary source of retirement income. But Social Security's finances have long been rocky, and the COVID-19 pandemic has only made an already dire situation even worse.
Social Security's main source of revenue is payroll taxes -- the taxes workers and employers pay on wages. This year, due to unprecedented levels of unemployment, Social Security is collecting less revenue than it initially expected to. And that's a bad thing, because that lack of revenue might force the program to start depleting its trust funds sooner than planned. Once those trust funds run out of money, major benefit cuts may be on the table.
It's not shocking, then, to learn that 61% of Americans say they're now more worried than ever about Social Security running out of money down the line, according to a new Nationwide survey. But while that's a very valid concern, the good news is that, despite the program's financial shortcomings, Social Security is actually in no danger of going away completely.
Source Fool.com
