Unsettling Forecast for Social Security’s Future
It’s not really new news that Social Security will be facing future financial difficulties because the program’s costs now exceed the amount of revenue received from working Americans. At the end of last year, Social Security’s Trustees were predicting that its Trust Funds would run dry in 2035, necessitating about a 21% across-the-board cut in benefits, unless Congress acted sooner to fix the issues. But that prediction was before the Coronavirus pandemic ravaged the U.S. economy, resulting in millions of lost jobs and major government spending to stem the tide of economic crisis. This article by Tobias Salinger appearing at Financial-Planning.com explores how the pandemic may affect Social Security. Click here to read more.