Understanding Social Security’s three funding mechanisms
Social Security Administration finds that more than 3 out of 5 current retirees count on their Social Security benefits for at least half of their monthly income. In a separate analysis from the Center on Budget and Policy Priorities, they estimate that over 15 million seniors are kept above the federal poverty level as a result of their guaranteed monthly check. Yet, the average American has very little knowledge about how the program is funded, or how this funding could shift in the years that lie ahead. The attached article examines Social Security’s three funding mechanisms and how Social Security will be funded over the next 10 years. Read article here…