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.
Collection
[
|
...
]