Is Social Security Really in Danger and What Does This Mean for Your Future?
Update: 2024-12-06
Description
Social Security is a program designed to replace a part of an individual's working income when they reach retirement age. The benefits are financed through payroll taxes. The program has come under scrutiny in recent years due to the dwindling of some of its sustaining resources.
In a recent report, the Social Security Board of Trustees stated that the program's primary trust fund will run out of assets by 2033. When the trust fund is empty, the program will be able to pay only 80% of promised benefits unless corrective action is taken.
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