There's More Than 1 Way to Save Social Security. Here's What Congress Can Do.
The program faces serious cuts if lawmakers don't intervene.
Overview
If you've been hearing rumors that Social Security is on the verge of bankruptcy, the good news is that they aren't true. Social Security can't go bankrupt because it's funded primarily by payroll taxes. So as long as people keep working and paying into the system, benefits can go out.
That said, Social Security is facing a massive financial shortfall due to a shrinking labor force. In the coming years, it will owe more in benefits than it earns in revenue. And without lawmaker intervention, Social Security may have to cut benefits by about 22% in roughly six years as its Old-Age and Survivors Insurance Trust Fund runs dry.
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Details
Source
Originally published at www.fool.com.