Why Is Social Security Looking Bleak By 2035?

The reasons behind Social Security issues

At first glance, the problem is quite simple, by 2035 there will be more people who will benefit from the money offered by Social Security than there will be people who will contribute through taxes to the constant supply of the program reserves. This is due to the increase in life expectancy, a smaller population of working people, and an increase in the number of retirees. To translate this into numbers, by 2035 we will already have nearly 78 million Americans over the age of 65, compared to the current 56 million.

However, payroll taxes will be able to cover about 76% of the benefits offered by Social Security. The problem is that if the rest of the percentages cannot be covered in some way, the monthly payments of retirees will be lowered or workers will have to pay more from their salaries to support the system.

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