Washington Needs to Save Social Security. Here's 1 Proposal That Could Gain Traction.
Millions of seniors today depend on Social Security to make ends meet in retirement. And millions more are expected to follow their lead in the future.
But Social Security is facing a serious funding shortfall. The problem is that the program's main source of revenue is payroll taxes -- the ones workers pay out of their earnings. But in the coming years, as baby boomers exit the workforce in droves, Social Security's primary revenue source is apt to shrink.
Social Security can tap its trust funds to keep up with scheduled benefits -- until those trust funds run out of money. From there, benefit cuts are on the table in the absence of the program having enough funding to keep up with its obligations.
Source Fool.com
