This Is My Backup Plan in Case Social Security Cuts Benefits
Okay, folks. It's time to get serious about Social Security.I don't like to be the person who sounds alarms and causes unnecessary panic. But the reality is that we're creeping closer to Social Security's financial breaking point. And while the program isn't at risk of going away completely, benefit cuts are a big possibility.Here's the backstory. Social Security gets the bulk of its funding from payroll taxes. But in the coming years, that revenue stream is expected to shrink as baby boomers stage a mass exodus from the workforce.Continue reading
Okay, folks. It's time to get serious about Social Security.
I don't like to be the person who sounds alarms and causes unnecessary panic. But the reality is that we're creeping closer to Social Security's financial breaking point. And while the program isn't at risk of going away completely, benefit cuts are a big possibility.
Here's the backstory. Social Security gets the bulk of its funding from payroll taxes. But in the coming years, that revenue stream is expected to shrink as baby boomers stage a mass exodus from the workforce.
