Recent demographic trends suggest that the financial condition of the Social Security program soon will begin to improve.

Question

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The number of people retiring is increasing dramatically, and on average retirees are living longer. At the same time, the number of people paying into the Social Security system is declining. This will put a great strain on the system in upcoming years and is likely to result in some or all of the following: cuts in benefits, later retirement ages, reduced cost of living adjustments, and higher Social Security taxes.

Recent Demographic Trends Suggest That the Financial Condition of the Social