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Reliance on Social Security as a Major Source of Income
90% of retirees rely on Social Security to keep them afloat in retirement. This includes those that use Social Security as their sole source of income, a major source of income, and a minor source of income, however each of these groups would be in big trouble without the aid of this program. This statistic is not relegated to those that have already entered retirement, 84% of workers nearing retirement age say they will depend on Social Security in the same facet. Unfortunately, the current state of Social Security does not bode well for these future retirees. Many experts say that the trust fund for Social Security is in danger of running its reserves dry by the 2030’s meaning that Social Security may have a drastic change that could negatively impact those that rely on this service. For more information, visit this article by Sean Williams with The Motley Fool.