Final answer:
Social Security faces financial challenges due to demographic shifts, extended life expectancies, and a contracting workforce which may affect its availability in the future. Strategies to address the funding concerns include raising the retirement age or payroll taxes, or altering benefits.
Step-by-step explanation:
The question of whether Social Security will be available upon retirement is a significant concern for many. Social Security, a government-run program, is projected to experience financial strain due to demographic changes. With increased life expectancies, beneficiaries collect for more years, while a smaller workforce may result in less revenue from payroll taxes. Changes in demographics, with a growing proportion of the population over the age of 65, place further strain on the system. Options to address the funding gap include increasing the retirement age, raising payroll taxes, or altering benefits. The uncertainty around the future of Social Security makes it imperative for individuals to consider additional savings and investment strategies for retirement.