Strengthening Social Security Is a Double-Edged Sword
In case you haven't heard, Social Security has a problem. Our nation's most prized social program is facing a monstrous cash shortfall over the next 75 years of almost $17 trillion, according to the 2020 report from the Social Security Board of Trustees. Though Social Security is in no danger of going bankrupt, retired workers could be staring down an up to 24% monthly benefit reduction if things don't change.
How does a social program that's been paying benefits to retired workers for more than 80 years and is sitting on $2.9 trillion in asset reserves (i.e., net cash surpluses built up since inception), go so terribly wrong? The answer lies with a host of ongoing demographic changes.
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Source Fool.com
