If there's one source of income that's crucial to millions of seniors today, it's Social Security. So the fact that the program is at risk of cutting benefits is no doubt a source of stress for many retirees. The reason Social Security faces potential cuts boils down to a funding shortfall. The program's main source of revenue is payroll taxes. But as the ratio of labor force participants to beneficiaries shrinks, Social Security's limited financial resources will be strained. That could lead to widespread benefit cuts in roughly six years based on the program's Trustees' most recent projections. Image source: Getty Images.
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