Social Security is undergoing significant financial distress, primarily due to dwindling payroll tax revenue as a large number of baby boomers retire. This demographic shift could lead to an inability to meet obligations, resulting in potential benefit cuts within the next decade. While trust funds are currently available to support these payments, a depletion of these funds raises concerns about the future viability of Social Security as a vital income source for retirees. Lawmakers face complex choices to avert these cuts, emphasizing the urgency of finding solutions to this impending crisis.
Social Security's financial troubles could lead to benefit cuts in a decade due to insufficient payroll tax revenue as baby boomers retire.
Trustees caution that without reform, many beneficiaries may struggle as Social Security's trust funds deplete and payments shrink.
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