Here's the Painful Payroll Tax Increase That Would Be Necessary to Avoid Social Security Benefit Cuts in 6 Years
Workers could start feeling the strain in just a few years.
Here's the Painful Payroll Tax Increase That Would Be Necessary to Avoid Social Security Benefit Cuts in 6 Years
Overview
Social Security is in a tight spot right now. But when you're decades away from becoming eligible for benefits, it can feel like the program's current struggles won't affect you, at least not for a while. The reality is more complicated.
Washington is unlikely to stand by and allow benefits to drop by 22% in 2032, as the latest Trustees' Report predicted. Instead, it'll look to increase income to the program, and hiking payroll taxes is a likely possibility that could leave workers in a financial bind just a few years from now.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
