The Typical Retired Couple Could Lose $17,400 if Social Security Benefits Are Cut
Social Security is facing some serious financial challenges. In the coming years, the program expects to owe more money in scheduled benefits than it collects in revenue as baby boomers exit the labor force in short order.
The problem is that the program's primary revenue source is payroll taxes. But a shrinking workforce means that income stream is looking less robust.
Now Social Security has trust funds it can tap to keep up with scheduled benefits for a limited period of time -- and by limited, we're talking about roughly 10 years at this point. That's because the program's Trustees most recent estimate calls for the Social Security trust funds to be depleted by 2034. And we could see that timeline moved up when the Trustees release their next update.
Source Fool.com
