The program is about to start burning through its reserves, and there are no easy fixes. Here are some changes you could see.
Social Security has long been dubbed the third rail of American politics: You touch it, you die. But in the coming years, politicians will have no other choice but to take a hard look at the future of Social Security benefits.
The dire projections about Social Security are mostly overblown. Yes, the program will soon start paying out more than it’s taking in. That means dipping into its $2.9 trillion reserve. But the money that workers pay into it through payroll taxes is enough to cover roughly 76% of the benefits that have been promised. And that’s if Congress takes no action, which is pretty unlikely, given the program’s enormous popularity.