This High-Ranking Republican Supports an Off-the-Wall Solution to Tackle Social Security's $22.4 Trillion Cash Shortfall
Social Security income is a necessity for most retirees. Based on more than two decades of annual surveys undertaken by national pollster Gallup, no fewer than 80% of then-current retirees rely on their monthly benefits to cover some portion of their expenses. The mere existence of Social Security ensures that most seniors can make ends meet.
That's what makes this next statement such a gut-check: Social Security is in trouble.
Although America's top retirement program is in no danger of going bankrupt or becoming insolvent, the foundation that supports the existing payout schedule, including annual cost-of-living adjustments (COLAs), may be less than a decade from breaking. Social Security needs attention, and the American public is counting on their elected officials in Washington, D.C., to get to work.
Source Fool.com
