Social Security is Going Broke. Here's How to Avoid Going With It
Take a moment and imagine surviving on $1,360 per month, only a few dollars above the federal poverty level. This scenario is a reality for millions of Americans living on Social Security. The average benefits aren't nearly enough to sustain a lifestyle, and things aren't likely to improve. In fact, the Social Security Administration warns that benefits are only fully funded until 2034, and roughly three-quarters funded thereafter.
If you're worried about Social Security going broke, take these steps as soon as possible to reduce your dependency on entitlements and safeguard your golden years.
The Social Security deficit is a problem, but it isn't a surprise. More Americans are leaving the workforce than entering it, which means that today's incoming Social Security tax revenues won't be enough to cover full benefits by 2034. The result? Unless Congress finds a solution, Social Security recipients could lose up between 20% and 25% of their benefits.
Source: Fool.com
