The impending retirement of baby boomers is creating a significant strain on Social Security, potentially leading to financial shortfalls in the near future. However, it is incorrect to blame this generation for the program's struggles. As baby boomers retire and begin claiming Social Security benefits, there won't be enough younger workers entering the labor force to sustain the necessary funding through payroll taxes. Lawmakers need to address these challenges proactively, as Social Security will need to rely on its trust funds, risking future benefits cuts if not managed effectively.
The problem is that because of the size of the baby boom generation, once they exit the labor force and start claiming Social Security, there won't be enough workers coming into the labor force to replace them.
Social Security can't go broke because it gets funded by payroll taxes. So as long as there's an active labor force, the program can continue to operate.
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