Fewer workers, more retirees—Social Security’s crunch is nearing. mikeledray/Shutterstock
More than 55 million Americans receive Social Security retirement benefits, according to Pew Research. Combined with the disability insurance program, it’s the largest federal program. Needless to say, it affects a large portion of the U.S. population.
With so many people dependent on that Social Security check, its security is vital. There are rough times ahead, with funding shortfalls projected for the program. Is there anything that can be done to keep Social Security from becoming insolvent?
Annual Report by Social Security Trustees
Every year since 1941, the Social Security Board of Trustees has presented a financial report of the program to Congress. The board consists of six members, including the secretary of the Treasury as the managing trustee.
