Social Security Payroll Tax: Here's How Much the Average American Will Owe in 2018
For more than 25 million retired workers, Social Security currently represents their primary form of income. With tens of millions of baby boomers yet to retire, and many entering retirement with insufficient savings, you can probably count on this figure rising in the years and decades to come. There's no question that Social Security's importance is growing.
Yet the latest report from the Social Security Board of Trustees shows that America's most important social program is also struggling. Even with $2.89 trillion in asset reserves as of the end of September 2017, the Trustees predict that Social Security's Trust will begin paying out more in benefits than it's collecting in revenue by 2022, ultimately resulting in the complete depletion of its asset reserves by 2034. An estimated $12.5 trillion budget shortfall between 2034 and 2091 may lead lawmakers to cut benefits on current and future retirees by as much as 23% to preserve the program.
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Source: Fool.com
