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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.
Today, Americans are living on average 14 years longer than when the Social Security Act was enacted in 1935 and retiring three years earlier -- spending an average of 20 years in retirement....
As early as 2033, Social Security benefits may be cut by as much as 23% without Congressional intervention. This is due to the way that Social Security is structured. Program rules require money ...
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 ...
Social Security benefits are based on income during your 35 highest-earning years — and men have historically earned more than women, even when they worked the same jobs. Higher earnings mean ...
The Old Age and Survivors Insurance (OASI) trust fund reserves that cover Social Security benefits -- in part, for roughly 57 million Americans -- is currently on track to be depleted by 2033,...
Under the 1983 amendments to Social Security, a previously enacted increase in the payroll tax rate was accelerated, additional employees were added to the system, the full-benefit retirement age was slowly increased, and up to one-half of the value of the Social Security benefit was made potentially taxable income. [67] [68]
According to an analysis by the Social Security Office of Policy, if no action is taken to strengthen Social Security, the benefit reductions caused by insolvency would “double the poverty rate ...