Worried About Social Security Benefit Cuts? 3 Steps to Take
You may have heard that Social Security is running out of money and is on the verge of going broke. Thankfully, that's not at all true.
Workers today should not worry about getting no Social Security income once they retire. And current beneficiaries can expect to continue getting monthly payments. But while Social Security isn't going bankrupt, the program may have to cut benefits if lawmakers don't come up with a way to address its impending revenue shortfall.
Social Security gets most of its revenue from payroll taxes -- the ones most of us grumble about paying. But in the coming years, so many baby boomers are expected to leave the workforce, and that mass exodus will leave Social Security with a lot less revenue to work with. Meanwhile, those same boomers are apt to start drawing their own benefits, creating a real financial crunch for Social Security.
Source Fool.com
