Social Security May Be Cutting Benefits. You Can Compensate by Doing This
Millions of seniors today count on Social Security for much of their retirement income. And while benefit cuts aren't happening anytime soon, they might come into play in a little more than a decade from now.
The problem is that Social Security's primary source of revenue is payroll taxes. But a shrinking workforce fueled by the mass retirement of baby boomers is putting the program in a position where it won't have enough revenue in the coming years to keep up with scheduled benefits.
Now Social Security does have trust funds it can tap to make up for that shortfall -- but only for a limited period of time. Once those trust funds run dry, benefit cuts may be inevitable. And the most recent estimate by the program's Trustees expects Social Security's trust funds to be out of money by 2034.
Source Fool.com
