Fixing Social Security Isn't Easy. You Can Try It Yourself.
Social Security is an essential retirement income source for most seniors today. But if you ask younger workers, many aren't sure they'll ever see a dime from the program. Their concerns aren't entirely unfounded, though they are a bit overblown.The program is in financial distress. It's been spending more money than it's taken in since 2021, and current estimates suggest it has less than a decade until its trust funds are depleted and it can't pay out all scheduled benefits. It wouldn't go away, though. Even in the worst-case scenario, Social Security would continue on with its income from the payroll taxes that workers pay and possibly from income taxes on Social Security benefits if current law remains in place.Image source: Getty Images.Continue reading
Social Security is an essential retirement income source for most seniors today. But if you ask younger workers, many aren't sure they'll ever see a dime from the program. Their concerns aren't entirely unfounded, though they are a bit overblown.
The program is in financial distress. It's been spending more money than it's taken in since 2021, and current estimates suggest it has less than a decade until its trust funds are depleted and it can't pay out all scheduled benefits. It wouldn't go away, though. Even in the worst-case scenario, Social Security would continue on with its income from the payroll taxes that workers pay and possibly from income taxes on Social Security benefits if current law remains in place.
Image source: Getty Images.
