Social Security Is Facing a $23 Trillion Funding Shortfall and Possible Benefit Cuts in 9 Years: Here's How We Got Here

In October, more than 51 million retired-worker beneficiaries took home a check averaging $1,924.35. While this is a relatively modest monthly payout, surveys show that it's a necessity to support the financial needs of an aging workforce.Over the last 23 years, Gallup has polled retirees to gauge their reliance on Social Security income to make ends meet. In all 23 surveys, 80% to 90% of retirees have noted that their monthly Social Security check is a "major" or "minor" income source. In other words, aging Americans would struggle to make ends meet without this social program.Unfortunately, the foundation for this nearly 90-year-old program is crumbling. While Social Security is in no danger of going bankrupt or becoming insolvent, it's becoming harder to ignore the program's widening long-term funding deficit and rapidly approaching forecast of benefit cuts.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool