There are many retired Americans today who would not be able to make ends meet without Social Security. A lot of people inevitably reach retirement age without savings and have to rely heavily on those benefits to cover their living costs. So it’s fair to say that Social Security is extremely important to a large number of retirees, and that many future retirees are banking on those benefits to get by.
It’s therefore disturbing to see all of the gloom and doom about Social Security in the news these days. The program’s Trustees recently released a report on the state of Social Security’s finances, and their update wasn’t exactly favorable.
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