Social Security is facing a significant financial shortfall, predicted to result in benefit cuts by 2035 as baby boomers retire and the workforce shrinks. This could lead to a widespread crisis among older Americans, many of whom rely solely on Social Security for income. Although lawmakers typically avoid making cuts, the circumstances may pressure them to take action to prevent widespread poverty among seniors. As the situation develops, greater awareness and action may be needed to ensure the protection of essential benefits for the elderly population.
A financial shortfall in Social Security could result in significant benefit cuts, potentially plunging millions of seniors into poverty and increasing financial instability.
As baby boomers retire, Social Security faces a funding crisis due to a diminished workforce contributing to payroll taxes; trust funds may run out by 2035.
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