Social Security is the backbone of many Americans’ retirement plans. More than one-third of adults said the government program would be a major source of income in retirement in the most recent edition of an annual Gallup poll. That number has climbed higher over the last 20 years since Gallup started the survey. Meanwhile, six in 10 current retirees say their monthly check is a big piece of their budget.
But with more and more Americans relying on Social Security, the future of the program has never looked more uncertain. Not only are seniors staring down the barrel of benefit cuts in just a few years, but the problem is only getting worse.
Here’s what seniors can expect and how they can plan for the future of Social Security.