6 in 10 Americans Worry Social Security Won't Be There When They're Ready to Retire. Here's the Real Scoop.
Millions of retired Americans collect a monthly benefit from Social Security. And many seniors rely on that income heavily to cover their essential expenses, from food to healthcare to shelter.
But Social Security is facing a serious financial shortfall in the coming years, and it's due to an anticipated mass exodus of baby boomers from the workforce. Since the program gets the bulk of its revenue from payroll taxes, fewer workers will mean less of that revenue. And that could result in benefit cuts once the Social Security trust funds run out of money.
It's therefore not so surprising to learn that 59% of working-age Americans worry that Social Security won't be there for them once they're ready to retire, according to data from Nationwide. But while benefit cuts are a possibility future retirees will need to brace for, Social Security is actually not in danger of going away completely.
Source Fool.com
