Why Social Security's Day of Reckoning Will Be Here Sooner Than You Think
More than 60 million Americans rely on Social Security benefits today, with many of them getting most or all of their regular monthly income from the program. Hundreds of millions more expect to receive Social Security at some point during their lifetimes, and they're counting on that money being there when they need it.
Yet Social Security faces what many have called a long-term financial crisis, and unfortunately, the problems that the government program faces aren't really all that long-term anymore. With the coronavirus pandemic having sent the U.S. economy into a tailspin, economists now believe that the trust funds supporting Social Security's viability will likely run out of money even sooner than the 2035 date that they previously expected. Indeed, based on what we've seen from past economic shocks, it's entirely possible that the day of reckoning for Social Security could be several years earlier than anyone ever thought before now.
Many individuals rely on Social Security benefits to be impervious to economic conditions. Even when things are at their worst, recipients use their Social Security checks to make ends meet.
Source Fool.com
