The Must-Read Joe Biden Quote on Social Security
Social Security has proven to be one of the best social programs the U.S. has ever launched. For many retirees, Social Security represents most or all of their retirement income. It's essentially their livelihood.
Unfortunately, Social Security's future has been questioned lately because of funding concerns. Social Security is funded by tax money, but as the baby boomer generation (people born between 1946 and 1964) exits the workforce, there haven't been as many tax-paying workers to replace them.
Social Security's worker-to-beneficiary ratio -- which shows the number of workers paying Social Security taxes compared to those getting benefits -- is projected to fall from 2.7 in 2023 to 2.4 in 2034. It may seem minimal, but that extra load on the system takes a toll.
Source Fool.com
