Social Security Is in Serious Financial Trouble. This Plan Could Save It $730 Billion
Whether you're a young worker or a senior already collecting benefits, you've probably wondered if you'll be able to count on Social Security throughout your retirement. There's a popular myth that the program will disappear completely in a few years, but we know that's not true. Social Security will continue in some form, at least throughout the 75-year period the government looks at when publishing its long-term reports. But we can't say how far it'll go.Social Security's trust funds are expected to be depleted in less than a decade. That could lead to benefit cuts of more than 22%, depending on what changes Washington makes to the program over the next few years.Image source: Getty Images.Continue reading
Whether you're a young worker or a senior already collecting benefits, you've probably wondered if you'll be able to count on Social Security throughout your retirement. There's a popular myth that the program will disappear completely in a few years, but we know that's not true. Social Security will continue in some form, at least throughout the 75-year period the government looks at when publishing its long-term reports. But we can't say how far it'll go.
Social Security's trust funds are expected to be depleted in less than a decade. That could lead to benefit cuts of more than 22%, depending on what changes Washington makes to the program over the next few years.
Image source: Getty Images.
