It sounds nuts, but you could donate money to the Social Security trust funds if you're searching for a charitable tax write-off or have extra cash. Why?
Social Security is a critical income source for millions of retired Americans. However, that stream of income is set to shrink in the coming years as a growing number of older workers exit the workforce and draw benefits, and the number of younger replacement workers paying into the system dwindles.
Once Social Security’s trust funds run out of money, which could happen as soon as 2033, according to trustees’ estimates, benefit cuts of 21% may have to be implemented. And although lawmakers could take action before then to prevent this from happening, by adjusting the program’s wage cap, for example, or raising the full retirement age for younger workers, it’s by no means certain they will.
