3 Social Security Lies You Can't Afford to Believe

Maurie Backman, The Motley Fool
·3-min read
3 Social Security Lies You Can't Afford to Believe

Many seniors today rely heavily on Social Security to manage their living expenses, and one day, you might do the same. In the coming years, the program won't have enough incoming payroll tax revenue to keep up with its existing obligations, and once the program's cash reserves, known as its trust funds, run out of money, Social Security may have to implement drastic cuts, slashing monthly benefits by as much as 24%. The average senior on Social Security today collects $1,543 a month.