Income insecurity can be an unpleasant feature of old age. That’s why Social Security has been an important aspect of poverty reduction. However, there’s a problem. Current Social Security tax collection has been funding those who are already retired. The question is whether the growth in retirees as the baby boomers age can be met by a smaller workforce with a low participation rate in the labor pool. In other words, could Social Security run out of enough money to keep benefits up?
Read Full Article »
