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In more alarming news about the state of Social Security, some experts are warning that up to 20% in payment cuts could be coming as early as 2032, per CNN, unless Congress intervenes with ...
Without any action, Social Security recipients could see an automatic cut of 20% in their benefits in 2034, according to a brief from the American Academy of Actuaries.
The tax rate is currently 12.4%, but if you're traditionally employed, you only pay half of that while your employer covers the other half. ... Social Security has lost 20% of its buying power ...
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
Based on the projections above, that cut would mean a drop in average monthly Social Security benefits from $2,321.94 to $1,787.89. Social Security Cuts: States That Would Be Impacted The Least ...
Some federal, state, local and education government employees pay no Social Security tax but have their own retirement and disability systems that nearly always pay better retirement and disability benefits than the SSA. These plans typically require vesting (working 5–10 years for the same employer before becoming eligible for retirement ...
The problem, though, is that even without benefit cuts, Social Security will only replace about 40% of the average earner's pre-retirement wages. And most people need a lot more income than that ...
However, based on a Congressional Budget Office analysis, if no action is taken to bolster Social Security benefits could be cut by over 20% as the trust fund dries up.