In Your 40s? What You Need to Know About Social Security Benefit Cuts.
Having the right information is key to your retirement planning.
Overview
If you're in your 40s, Social Security may be something you don't think about too often. In reality, though, those benefits could end up playing a big role in your retirement income. And that makes the program's current financial woes a big problem for you.
In the coming years, Social Security expects to owe more in benefits than it collects in revenue. The reason is that payroll taxes primarily fund the program, but a shrinking labor force, coupled with an uptick in baby boomer retirements, is driving Social Security toward insolvency.
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.