Here's Why I'm Not Letting Social Security Cuts Get Me Down
At this point, you may have heard the rumor that Social Security is on the verge of bankruptcy. But thankfully, the program is not in danger of going away.Social Security can't just disappear because it has a pretty solid source of funding -- payroll taxes. As we all work and pay taxes on our wages, some of that money is used to fund Social Security. So that should give you some reassurance that benefits should be payable in some shape or form once your retirement begins.Image source: Getty Images.Continue reading
At this point, you may have heard the rumor that Social Security is on the verge of bankruptcy. But thankfully, the program is not in danger of going away.
Social Security can't just disappear because it has a pretty solid source of funding -- payroll taxes. As we all work and pay taxes on our wages, some of that money is used to fund Social Security. So that should give you some reassurance that benefits should be payable in some shape or form once your retirement begins.
Image source: Getty Images.
