Why Waiting to Fix Social Security Will Only Make the Situation Worse
While there are six years left until the Social Security trust fund is set to run dry, the longer Congress waits to act, the tougher the cuts are likely to be.
Overview
With nearly 90% of Americans aged 65 or older relying on Social Security benefits to cover everyday expenses, cutting benefits has long been off the table. In fact, Social Security is often referred to as the "third rail of American politics." Politicians know that if they touch it, they risk their careers.
According to the latest Social Security Trustees Report, the Old-Age and Survivors Insurance (OASI) trust -- the fund helping to support today's retirees -- will run dry by 2032 unless Congress steps in. Legislators have been kicking the Social Security can down the road for years, hesitant to take a stand, but waiting any longer to seriously address the problem will only magnify it. Here's why.
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Originally published at www.fool.com.