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The Social Security Trust Fund will be depleted by 2034, based on current law projections. Payments to beneficiaries thereafter will be limited to program tax receipts. Source: 2015 OASDI Trustees Report. U.S. Social Security Trust Fund: Payroll taxes and revenues add to the fund, while expenses (payouts) reduce it.
If the SSA dips into the DI fund as well, both trust funds will likely run out by 2035. At that point, there will only be enough cash to cover around 83% of benefits.
Social Security still had over $2.78 trillion in its trust fund reserves at the beginning of 2024. This money is crucial for helping the government cover benefits above what it takes in annually ...
Another option would be for Congress to raise the Social Security payroll tax rate from its current 12.4% to 15.6% following the trust fund depletion, and then gradually increase it to 16.7% by 2095.
At the end of 2009, the Trust Fund stood at $2.5 trillion. The $2.5 trillion amount owed by the federal government to the Social Security Trust Fund is also a component of the U.S. National Debt, which stood at $15.7 trillion as of May 2012. [18] By 2017, the government had borrowed nearly $2.8 trillion against the Social Security Trust Fund.
In 2022, the Social Security trust funds collected $1.22 trillion in revenue. Of that, about 90 percent came from payroll taxes and 4 percent came from taxes collected on Social Security benefits .
The trustees estimate that Social Security’s combined Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust fund reserves will be depleted in 11 years.
As it stands, the Social Security trust fund is set to run out in 2035, so are these concerns warranted? ... One or a combination of these solutions should balance the Social Security trust fund ...