Social Security Is Burning Cash. Here's the Good News and Bad News for Retirees.
According to the U.S. Census Bureau, Social Security benefits lifted more than 26 million people out of poverty in 2021, making it the most important antipoverty program in the country. Social Security is also the largest source of income for most seniors, and more than 50 million people aged 65 and older received benefits in January 2023. Suffice it to say the program is a critical source of financial wellbeing for many Americans.
Unfortunately, Social Security is already the largest federal program -- accounting for approximately 20% of federal spending -- and rapidly rising costs are expected to result in a massive funding shortfall in the coming decades. Here's what retired workers need to know.
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Source Fool.com
