Why You Need to Worry About Social Security's Future Now -- Even If You're Nowhere Near Retirement
It's a big myth that Social Security is running out of money and won't be able to pay benefits a few years down the line. While the program is facing a financial shortfall, it's not in danger of going away completely. But Social Security might be forced to slash benefits if lawmakers don't find a way to pump more revenue into it.
In the coming years, Social Security expects to owe more money in benefits than it takes in. And a big reason is that baby boomers are retiring in droves. Not only does that mean Social Security is getting less payroll tax revenue, but it also means it's on the hook for more monthly benefit payments. And that's not a winning combination.
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Source Fool.com
