This Controversial Idea Could Help Save Social Security at the Expense of Your 401(k) and IRA
It's hard to overstate Social Security's importance to the tens of millions of Americans who rely upon it. Nearly nine out of 10 people 65 and older are receiving these monthly checks, and for more than a third of these retirees, the program provides at least half their monthly income. That makes Social Security's looming solvency crisis all the more alarming.
The latest Social Security Trustees Report estimates the government will need to make a minimum 20% cut to benefits in 2034 if the funding shortfall isn't addressed. But like most big issues in politics, finding a solution hasn't been easy. Recently, a pair of economists proposed a new idea that could fill most of Social Security's funding gap -- but it comes at a price.
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Source Fool.com
