Will Social Security Be Bankrupt in 9 Years? Here's the No-Nonsense Truth.
For most Americans, Social Security income is, or will eventually become, a necessity.
In April 2023, national pollster Gallup surveyed retirees to gauge their reliance on America's top retirement program. A combined 88% of respondents noted that it represented a "major" (59%) or "minor" (29%) source of income, and is therefore imperative to helping seniors make ends meet. More than two decades of annual surveys revealed similar findings, with anywhere from 80% to 90% of polled seniors leaning on their monthly benefit, in some capacity, to cover their expenses.
Considering how important Social Security is to the financial well-being of our nation's retired workers, workers with disabilities, and survivor beneficiaries, you'd think that ensuring the health of this program would be paramount. Unfortunately, cracks in the foundation are readily apparent. In fact, the worsening financial health of Social Security has some people questioning whether the program will go bankrupt or be there for them when they retire.
Source Fool.com
