Social Security Is Running Short - And Baby Boomers Could Pay the Price
Briefly

Social Security is confronting substantial revenue losses as baby boomers leave the workforce, ceasing to contribute to the payroll taxes that support the program. This decline in contributors, combined with a historically lower birth rate decreasing the number of younger workers, creates a potential revenue shortfall. Although trust funds are available to sustain benefits temporarily, reliance on these funds poses a risk of cuts in benefits when they are depleted, particularly affecting those without sufficient savings, notably many baby boomers.
Social Security is facing a fair amount of financial uncertainty in the coming years as baby boomers exit the workforce and stop paying into the program.
Many older Americans find Social Security to be a critical income source; without it, covering essential bills would be a struggle for them.
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