I'm Not Worried About Social Security Cuts. Here's Why
You may have heard rumors that Social Security is running out of money. So here's the good news -- it's not.
Social Security's main source of revenue is payroll taxes -- the ones we all see get taken out of our paychecks. And as long as those taxes remain in effect, the program can keep running.
That said, in the coming years, Social Security expects payroll tax revenue to decline substantially as baby boomers exit the workforce in droves. The program has trust funds it can tap to keep up with scheduled benefits, but only for so long. Once those funds run out of money, benefit cuts will be a strong possibility.
Source Fool.com
