Concerns about Social Security running out of money are unfounded. The program is primarily funded through taxes on workers' wages, ensuring its continuation as long as there is a workforce. While benefit cuts may be a possibility in the future, the complete loss of Social Security payments is unrealistic. Many individuals may also find that despite saving for retirement, their expenses limit their savings, leading to a reliance on Social Security during retirement. Given the program's funding mechanisms, fears of it going broke should be alleviated.
Social Security gets the majority of its revenue from taxing workers' wages. This means that as long as there's a workforce, the program can continue to get funded.
Many people are worried about Social Security running out of money and stopping benefit payments completely, but there is no reason to be concerned about that scenario.
Even if individuals save for retirement, life expenses can limit how much is saved, resulting in reliance on Social Security after retirement.
Despite concerns, Social Security may be facing benefit cuts, but the worst-case scenario of it completely running out of money is not possible.
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