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Born in the 70’s? Here’s what Social Security may look like for you
For those in their 40’s, just a couple of decades away from being eligible to collect Social Security, that most popular American social program will almost certainly look different than it is today. That’s because at current course and speed, the $2.9 trillion in the Trust Fund will be depleted if Congress fails to act soon to correct the program’s direction. If nothing is done, you’ll be faced with a smaller benefit than your current estimate may show; if Congress stops kicking the can down the road and acts, you may find that you’re paying more payroll (FICA) taxes or will have to wait until a later age to get full benefits. In this Motley Fool article by Sean Williams, the author discusses the changing dynamics of Social Security, and what it may look like for those now in their 40’s. Click here to read more.
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