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The average retired worker on Social Security today collects about $23,000 a year. Over time, that number is likely to increase in line with inflation and wage growth. But let's say you're 45 ...
Image source: Getty Images. The biggest problem plaguing Social Security. Social Security is a complex program, and one of the more confusing aspects is the financial state of its trust funds: the ...
In the midst of all of these structural problems with Social Security, there’s also a major political one. ... USA TODAY Sports. 32 things we learned in NFL Week 13: Division races set to heat ...
On Oct. 10, the Social Security Administration announced a number of key changes to the program, set to take effect in 2025. Among them was news of a 2.5% COLA . Social Security cards.
Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget deficit commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $1,151.3 billion. Social Security and the Post Office are considered "Off-Budget".
The Social Security Administration projects that an increase in payroll taxes equivalent to 1.9% of the payroll tax base or 0.7% of GDP would be necessary to put the Social Security program in fiscal balance for the next 75 years. Over an infinite time horizon, these shortfalls average 3.4% of the payroll tax base and 1.2% of GDP. [18]
There is a Social Security government pension offset [62] that will reduce or eliminate any spousal (or ex-spouse) or widow(er)'s benefits if the spouse or widow(er) is also receiving a government (federal, state, or local) pension from work that did not require paying Social Security taxes. The basic rule is that Social Security benefits will ...
This time the issue was the SSA’s handling of disability benefits, which have been hampered by severe delays, backlogs and customer service problems. Social Security Cuts: 5 Ways Boomers Should ...
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