Retired Americans face alarming six-figure Social Security threat
Workers may need to increase 401(k) and IRA contributions to prepare for reduced Social Security payments.
Nearly 70 million Americans receive Social Security benefits, and the majority of senior recipients rely on monthly payments to supplement their retirement income.
Although the Social Security Administration has faced potential insolvency for decades, declining birth rates, combined with longer life expectancies, have created financial pressure on the federal program.
While some experts have suggested removing the cap on Social Security taxes for high earners to address the funding gap, widespread reform is unlikely to pass in the near future.
