Search results
Results from the WOW.Com Content Network
Social Security has trust funds it can use to keep up with its benefit payments during this time. But the most recent Trustees report has the program's trust funds being emptied by 2035.
This means tax hikes are seemingly inevitable, with or without benefits cuts. “If Congress cannot reform Social Security until 2034, all of the reform would need to be through increased taxes ...
The annual cost of Social Security benefits represented 4.0% of GDP in 2000 and 5.0% GDP in 2015. This is projected to increase gradually to 6.4% of GDP in 2035 and then decline to about 6.1% of GDP by 2055 and remain at about that level through 2086. [5]
It's been able to continue paying out benefits so far by relying upon Social Security's trust fund reserves, but those are running low. A recent Congressional Budget Office (CBO) report indicated ...
Proposals to address a looming Social Security budget shortfall tend to take two forms: reduce benefits to save money, or increase revenue to help fill in the funding gap. In either case, Social...
A report was released on December 1, [1] recommending a combination of spending cuts (including an increase in the Social Security retirement age and cuts to military, benefit, and domestic spending) and tax increases (including restricting or eliminating certain tax credits and deductions and increasing the federal gasoline tax). [3]
Social Security has been much in the news lately, with presidential candidates proposing cuts to the program and some experts warning of massive benefit cuts even if lawmakers stand pat. Social...
Retirees receiving Social Security benefits typically see their checks increase slightly most years to keep pace with inflation. ... the last few years saw a 0.3% bump for 2016, a 2% increase in ...