The Future of Social Security: Here's the Good and Bad News for Retirees
Social Security is more than just a monthly payment for many retirees; it's a lifeline. Around 90% of current retirees rely on their benefits to some degree, according to a 2023 poll from Gallup, with around 60% of that group saying Social Security is a major source of income.
The program has been facing some major cash challenges, however, putting benefits at risk. Exactly how severe the problem will be over the long term is still uncertain. Every year, though, the Social Security Administration Board of Trustees releases a report detailing the state of the program and its outlook for the future.
Last week, the Board of Trustees released its report for 2024 -- and there's good and bad news for retirees.
Source Fool.com
