Social Security is facing financial challenges due to an aging population and declining replacement workers entering the labor force. Although rumors of it going bankrupt are exaggerated, the program will struggle to cover its expenses as more retirees claim benefits. The funding for Social Security primarily comes from payroll taxes, and with the ratio of workers to retirees shifting, the program may need to brace for potential benefit cuts in the future, necessitating informed planning for retirement.
Whenever you have a program as talked about as Social Security, there tends to be a lot of misinformation swirling around.
Despite rumors, Social Security isn’t going bankrupt but is struggling to cover its expenses, indicating potential future benefit cuts.
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