Many older Americans worry about Social Security's future, with baby boomers heavily relying on it for retirement. Although pensions were common earlier, companies have shifted the burden of saving to workers, leading some to depend on Social Security. The program faces funding challenges as baby boomers exit the workforce, creating strain. While the program has trust funds to support benefits, once depleted, significant reductions in benefits may occur. Planning for retirement is crucial as cuts may impact future retirees' income.
Social Security is facing a funding crisis because baby boomers are wrapping up their careers and exiting the workforce, which creates a major strain on the system.
Many baby boomers could see a huge reduction in benefits despite the program not disappearing, raising concerns about relying on Social Security for retirement.
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