Social Security Has a Revenue Problem. The Solutions to Fix It Aren't Great.
If you've been hearing rumors that Social Security on the verge of going bankrupt, you should know that the program is not about to run out of money. Social Security can't run out of money because it gets most of its funding from payroll taxes.But that doesn't mean things are looking rosy for Social Security. Quite the contrary -- in the coming years, the program is facing a critical revenue shortfall that could result in sweeping benefit cuts.Image source: Getty Images.Continue reading
If you've been hearing rumors that Social Security on the verge of going bankrupt, you should know that the program is not about to run out of money. Social Security can't run out of money because it gets most of its funding from payroll taxes.
But that doesn't mean things are looking rosy for Social Security. Quite the contrary -- in the coming years, the program is facing a critical revenue shortfall that could result in sweeping benefit cuts.
Image source: Getty Images.
