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The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
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 ...
Additional Social Security benefits you should know about. John Csiszar. March 9, 2022 at 8:00 AM. Social Security is often thought of as just a retirement income plan for older Americans, and the ...
The most recent Social Security Trustees Report puts the timing of those benefit cuts at 2035, which is when the program's combined trust funds are expected to be depleted. Clearly, that's not ...
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.
But once those trust funds run dry, benefit cuts might have to happen. Meanwhile, the program's most recent Trustees Report puts Social Security's trust fund depletion date at 2035. That's an ...
The initial benefit levels for SSI in 1972 were approximately the same as the average monthly benefit as a retired worker under the Social Security retirement benefits program. In August 1974, Congress established legislation to automatically increase SSI benefits by the same percentage and at the same time as Social Security retirement ...
The last few years have been record-breaking for the cost-of-living adjustment (COLA), an annual boost in benefits designed to help Social Security keep pace with inflation. The 8.7% COLA in 2023 ...