Here's Why You Should Write Off Social Security
Social Security serves as a critical source of income for millions of retirees who would be forced into poverty if it weren't for those benefits. And 39% of seniors in their 70s regard Social Security as a lifeline, according to a recent survey from TD Ameritrade. But despite the importance so many of today's seniors place on those benefits, if you're years away from retirement, you may be better assuming they won't be there.
Social Security is grappling with a host of financial issues. In the coming years, its projected obligations will outpace the revenue it takes in, largely because of the massive number of baby boomers who will be exiting the workforce before an adequate number of replacement workers are able to enter it. And while the program does have trust funds it can tap to make up for revenue shortfalls, based on recent estimates, those funds will be depleted by 2035. At that point, Social Security may need to cut benefits if Congress doesn't find a way to get the program the money it needs.
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Source Fool.com
