How Likely Are Social Security Cuts? Here's the Latest Update.
Because so many older Americans rely heavily on Social Security to make ends meet, the idea of the program going broke is incredibly scary. Thankfully, though, that scenario is not on the table.Social Security can't run out of money, simply because it gets most of its revenue from payroll taxes. So as long as there's an active labor force, the program can continue to exist.Image source: Getty Images.Continue reading
Because so many older Americans rely heavily on Social Security to make ends meet, the idea of the program going broke is incredibly scary. Thankfully, though, that scenario is not on the table.
Social Security can't run out of money, simply because it gets most of its revenue from payroll taxes. So as long as there's an active labor force, the program can continue to exist.
Image source: Getty Images.
