The article discusses the looming possibility of Social Security cuts affecting millions of older Americans who rely on this income. With forecasts indicating that Social Security will owe more than it collects by 2035, the reserve funds may run out, leading to reduced benefits for recipients. The author emphasizes the importance of taking proactive financial steps, such as building personal savings, to mitigate potential shortfalls in Social Security income in retirement.
There are millions of older Americans today who get the bulk of their retirement income from Social Security.
In the coming years, Social Security is expected to owe more in benefits than it collects in revenue.
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