Will COVID-19 Bring Social Security Closer to Insolvency?
Social Security is a critical income source for millions of retired seniors. But the program is facing some serious financial shortcomings that may force it to cut benefits in the not-so-distant future. As per the latest Trustees Report, those cuts may be implemented as early as 2035 if lawmakers don't manage to intervene with a fix. But thanks to COVID-19, that unwanted milestone may arrive even sooner.
Social Security has a few different sources of revenue:
Of these sources, payroll taxes are the program's most substantial revenue stream. Currently, workers pay taxes on up to $137,700 of income. In previous years, that threshold has been lower.
Source Fool.com
