Social Security Can’t Go Bankrupt. But Benefits Could Still Be Cut 22% in 2032

If you’ve been seeing headlines about Social Security potentially going bankrupt, it’s natural to feel concerned about your retirement income. But while Social Security is facing a big financial crisis, one thing’s for sure: the program is not about to go bankrupt.

In fact, the nature of how Social Security is funded means the program can’t go bankrupt. Here’s the truth about what’s actually happening with Social Security and what to expect.

Why Social Security can’t actually go bankrupt

Social Security is funded primarily through payroll taxes paid by workers and their employers. Granted, that’s not the only source of revenue for Social Security. When payroll…