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Social Security Cuts May Be Coming, but a Self-Imposed Cut Could Slash Your Benefits Even More
By newsfeedback@fool.com (Maurie Backman)
Read original article on Motley FoolIf you've been following the news on Social Security, you may be aware that the program's latest financial update wasn't good. The Social Security Trustees shared earlier this year that the program may be looking at a broad benefit cut as soon as late 2032.
The reason boils down to a shrinking workforce. Social Security gets most of its income from payroll taxes. But fewer people working means less incoming revenue to fund the program.
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