Lawmakers Could Raise Social Security's Full Retirement Age. Here's What That Might Mean for You

It's not exactly a secret that Social Security is facing some financial challenges. The program's main revenue source, payroll taxes, is expected to diminish as baby boomers retire in large numbers.Social Security will need to tap its trust funds to keep up with scheduled benefits in light of that. But as per the most recent Social Security Trustees Report, the program's combined trust funds will be depleted by 2034, at which point significant benefit cuts could be on the table.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool