Retire Better: Thanks to COVID-19, Social Security’s day of reckoning may be even closer than we thought

Retire Better: Thanks to COVID-19, Social Security’s day of reckoning may be even closer than we thought

I’ve mentioned before that Social Security is now dipping into its reserves—the so-called “trust fund”—to pay benefits. That’s because the system isn’t taking in enough cash from payroll taxes, which is how the gargantuan Social Security program—by far the single biggest source of federal spending—is financed.

Read: Another victim of COVID-19: Social Security

Prior to the economic downturn—or…

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