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Social Security turns 80; are higher payroll taxes, reduced benefits inevitable?
(Source - Denver Business Journal, via www.9news.com)
Social Security turned 80 on Friday, and small business owners have reason to celebrate the program: It’s often the main source of retirement income for them, just as it is for nearly two-thirds of all elderly Americans. The program is on an unsustainable financial path, however. It’s been paying more in benefits that it’s been raising from payroll taxes since 2010. That gap will continue to grow as more baby boomers retire. In less than 20 years, the Social Security trust fund’s reserves will be depleted, according to government estimates. Read more…
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