Think Social Security Will Run Out on You in Retirement? Make This Important Move Today
One thing that scares many workers today is the idea of not having any income from Social Security to fall back on during retirement. Now the good news is that the program is not, in fact, in danger of going bankrupt. And that means you can expect some amount of money from Social Security, even if you're not set to retire for many years.
But the news isn't all rosy. In the coming years, Social Security will owe more money in benefits than it's expected to collect via payroll tax revenue, which is its primary revenue source. The reason is that the pace of baby boomers exiting the workforce is expected to exceed the number of people entering it.
Social Security can dip into its trust funds to keep up with scheduled benefits for several years under such a scenario. But once those trust funds run dry, which could happen in a little more than a decade, benefit cuts may be on the table. So while there's no need to worry about getting no money from Social Security later in life, you should absolutely brace for a smaller benefit.
Source Fool.com
