Concerns about Social Security going bankrupt are widespread, yet the program is not imminent in its bankruptcy. While older Americans rely heavily on Social Security, the program faces financial challenges due to a shrinking workforce and increasing retirements. Although it is possible for benefits to be cut in the future, there isn't certainty. Individuals, particularly those in their 30s, should plan for potential cuts and save for retirement to ensure financial protection.
"While people in their 30s today don't have to worry about Social Security disappearing completely, the reality is that the program may have to cut benefits in the future."
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