Gen Xers Are Worried About Social Security -- and They Don't Have Much Time to Make Up for That
Say the words "Social Security" in a crowded room, and you'll probably elicit some groans. That's because the program's financial woes are a known thing, to the point where a lot of workers are worried about whether Social Security will be there for them in retirement.
The good news is that Social Security isn't in danger of disappearing completely. Given that its primary funding source is payroll-tax revenue, it can sustain itself for many years to come. But whether it can keep up with scheduled benefits is a very different story.
Based on recent projections, Social Security might have to cut benefits as early as 2034 if lawmakers don't find a way to address the program's financial shortcomings. It's not surprising, then, to learn that 86% of Gen Xers are worried about the future of Social Security, according to recent data from Allianz.
Source Fool.com
