Social Security is confronting significant financial challenges primarily due to the retirement of baby boomers without enough replacement workers to sustain the funding. Although the program is funded by payroll taxes and cannot go broke outright, it may need to cut benefits once trust funds are depleted. Lawmakers have options to address these financial gaps, such as adjusting the full retirement age, but these solutions could impose additional burdens on Americans. It is crucial for seniors to seek financial advice and prepare for potential changes to ensure their future security.
Social Security is facing a major financial shortfall due to the retiring baby boomers and a shortage of replacement workers, risking cuts to benefits.
Lawmakers have potential solutions to prevent Social Security cuts, but these solutions may not be optimal and could require Americans to adapt.
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