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According to the 2021 annual report from the Social Security board of trustees, Social Security's cash reserves will be fully depleted by 2034 — one year earlier than their 2020 report indicated.
Social Security’s new 2035 depletion date applies to its combined trust funds. The trust funds help pay for benefits when more money is needed beyond what is coming in through payroll taxes ...
Social Security reserves are expected to be depleted by 2035. But that's just the beginning — see what other unsettling things await the program in the future.
Payroll tax rates were cut during 2011 and 2012 as a stimulus measure; these cuts expired at the end of 2012. The Social Security Trustees estimated the amounts at $222 billion total; $108 billion in 2011 and $114 billion in 2012. Transfers of other government funds made the program "whole" as if these tax cuts had not occurred. [21]
The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
Social Security Fairness Act of 2019 S. 560: February 14, 2019 Sherrod Brown (D-OH) 38 Died in committee 117th Congress: Social Security Fairness Act of 2021 H.R. 82: January 4, 2021 Rodney Davis (R-IL) 305 Died in committee S. 1302: April 22, 2021 Sherrod Brown (D-OH) 42 Died in committee 118th Congress: Social Security Fairness Act of 2023 H ...
WASHINGTON (AP) — A stronger-than-expected economic recovery from the pandemic has pushed back the go-broke dates for Social Security and The post Social Security’s ‘go-broke’ date pushed ...
There is a Social Security government pension offset [64] 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 ...
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