This 34-Year-Old Social Security Rule May Be Hurting Nearly 24 Million Seniors

This 34-Year-Old Social Security Rule May Be Hurting Nearly 24 Million Seniors

For millions of Americans, Social Security is more than just a paycheck they'll receive each month once they get older -- it's a vital source of income that they simply couldn't make do without. According to the Social Security Administration, more than three out of five elderly retirees currently receiving benefits leans on the program for at least half of their monthly income. That's what I'd call an indispensable social program.

Yet, this critical program is in pretty deep trouble. The latest report from the Social Security Board of Trustees predicts that it'll begin paying out more in benefits than it's generating in revenue by 2022. Just 12 years later, in 2034, nearly $3 trillion in asset reserves will be completely depleted.

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Source: Fool.com