Social Security is a critical financial support system for retirees, with many depending solely on these benefits for their survival. As the program faces serious funding challenges due to a surge in retirements among older workers, potential cuts loom large. Lawmakers must act quickly, as projections suggest the Social Security trust funds could run out within a decade, leading to widespread benefits reduction. Although there are options available to mitigate this crisis, each comes with significant drawbacks, placing millions at risk of financial hardship.
If lawmakers don't act, Social Security could face significant cuts that would affect millions of retirees who rely solely on these benefits for basic necessities.
Social Security's funding is severely strained as a record number of older workers are expected to retire, contributing to a critical revenue shortfall.
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