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With news that Social Security's trust funds could be depleted by 2035 and potential benefit cuts on the horizon, I'm focused on building my own financial safety net.
There's no denying the United States' Social Security program is on the defensive. Without any changes to how -- or how well -- it's funded, experts anticipate a roughly 20% reduction to benefits ...
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 Old-Age and Survivors ...
The Social Security Trust Fund will be depleted by 2034, based on current law projections. Payments to beneficiaries thereafter will be limited to program tax receipts. Source: 2015 OASDI Trustees Report. U.S. Social Security Trust Fund: Payroll taxes and revenues add to the fund, while expenses (payouts) reduce it.
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.
Social Security tax cuts would hurt low-income retirees, younger generations. US Social Security is set to be depleted in the next decade without congressional action. The fund is largely financed ...
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 trustees who oversee the Social Security and Medicare trust funds have released new projections outlining the financial health of those programs and how long they are expected to cover ...