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Social Security has two other funding sources: benefit taxes on some seniors and interest income earned on money in the program's trust funds. But both of those are in danger right now. The ...
Under the law, workers and their employers pay a dedicated Social Security payroll tax. Both employees and employers pay a 6.2% tax on wages up to a "taxable maximum" limit of $176,100 in 2025.
Social Security began running out of money when the baby boomers started to retire. Their exit from the workforce drastically increased the amount of Social Security benefits the program paid out ...
Social Security and the Post Office are considered "Off-Budget". Social Security had an estimated surplus of $62.4 billion by CBO accounting (different from the $54 billion reported by the Trustees) and the Post Office had a deficit of $0.5, resulting in a "Total Budget Deficit" of $1,089.4 billion.
Some federal, state, local and education government employees pay no Social Security tax but have their own retirement and disability systems that nearly always pay better retirement and disability benefits than the SSA. These plans typically require vesting (working 5–10 years for the same employer before becoming eligible for retirement ...
According to the 2021 annual report of the Social Security Board of Trustees, the trust funds that distribute retirement, disability and other Social Security benefits will be depleted by 2034. ...
The President made descheduling and other cannabis reforms a topic of the 2024 State of the Union Address; [2] it was the first time the word "marijuana" had been used in a State of the Union Address since Ronald Reagan called it a target of the War on Drugs alongside cocaine in 1988. [3]
Money paid into the Social Security system is invested in bonds and other high-quality securities that pay interest. When rates rise, the Social Security program earns more money, meaning it ...