Social Security, which is arguably America’s most important social program for seniors, is on the precipice of being in deep trouble.
The program is currently bringing in more in revenue than it’s paying out in benefits each year. However, by 2020, according to the Social Security Board of Trustees’ 2016 report, the program will begin divvying out more money to beneficiaries than it’s bringing in each year. Based on the Trustees’ estimates, the program’s more than $2.8 trillion in spare cash will be exhausted by 2034.
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