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The Motley Fool fool.com 03 Aug, 2022 09:30 am

Why I'm not Counting on Social Security, and Neither Should You

Why I'm not Counting on Social Security, and Neither Should You
Social Security isn't as reliable as it used to be.

Social Security can be a lifeline for millions of seniors.However, Social Security may not be as reliable as you think.Social Security is facing a cash flow problem, and benefit cuts could be on the table within the next decade or so.Workers pay into the Social Security program through taxes, and that money is used to pay out benefits for current retirees.

To cover the deficit, the Social Security Administration has been dipping into its trust funds.But those funds are expected to run dry by 2034, according to the latest estimates from the Social Security Board of Trustees.

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