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According to the projections of the Social Security Administration, the Trust Fund will continue to show net growth until 2022 [22] because the interest generated by its bonds and the revenue from payroll taxes exceeds the amount needed to pay benefits. After 2022, without increases in Social Security taxes or cuts in benefits, the Fund is ...
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 ...
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 main Social Security trust fund will continue paying out full benefits through 2034. ... In 2034, the Social Security fund's reserves will become depleted, but there is expected to be enough ...
In 2024, Social Security benefits are subject to federal taxes for individuals with a combined income of over $25,000 ($32,000 for married couples filing jointly). ... The trust funds are ...
The annual Social Security and Medicare trustees report released in May said the program’s trust fund will be unable to pay full benefits beginning in 2035. If the trust fund is depleted, the ...
In other words, the number of seniors drawing benefits from the Social Security trust fund is growing faster than the number of workers paying taxes to support the trust fund. Consequently, the ...