As Social Security faces financial challenges due to a declining revenue stream from payroll taxes, retirees may encounter benefit cuts as early as 2035. This poses a significant risk for those relying heavily on the program for retirement income. Additionally, while annual cost-of-living adjustments (COLA) are intended to help recipients maintain purchasing power, many seniors find these adjustments insufficient in keeping pace with rising living costs. Consequently, it's crucial for individuals approaching retirement to fortify their savings and not solely depend on Social Security benefits.
Benefit cuts to Social Security may be necessary due to a declining revenue stream, prompting retirees to find additional sources of income for retirement.
Many seniors face challenges as COLA adjustments fail to match rising living costs, diminishing their purchasing power over time.
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