The Biggest Threat to Social Security Isn't Trump -- It's This Man
Since the first monthly benefit was paid in 1940, Social Security has helped to provide a financial foundation for seniors during retirement. A majority of seniors rely on Social Security for at least half of their monthly income, and without it, senior poverty rates would be many times higher than they are today.
However, a grim reality faces America's most important social program. According to the latest report from the Social Security Board of Trustees, the program will begin paying out more in benefits than it's collecting in revenue beginning in 2022. Just 12 years later, in 2034, Social Security will have completely exhausted its $3 trillion in asset reserves. Should Congress do nothing and allow Social Security's excess coffers to run dry, it may take benefit cuts of up to 23% to sustain payouts through the year 2091. It's not exactly a bright forecast for current and future retirees.
Image source: President Donald J. Trump's official Facebook page. Photo by Shealah Craighead.
Source: Fool.com
