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The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion. [4]
Continued high unemployment levels also lowered the amount of Social Security tax that could be collected. These two developments were decreasing the Social Security Trust Fund reserves. [62] In 1982, projections indicated that the Social Security Trust Fund would run out of money by 1983, and there was talk of the system being unable to pay ...
Image source: Getty Images. The trust funds are still in trouble, but there's improvement. One of Social Security's most pressing problems is the depletion of its trust funds: the Old-Age and ...
John F. Kennedy. In 1961, JFK amended Social Security to allow workers to opt for early retirement at age 62 -- but only men. The amendments also increased the minimum monthly benefit and the ...
A major funding source for Social Security is now expected to run out of money a year earlier than previously projected, putting even more pressure on lawmakers to come up with a solution for a...
The United States Social Security Administration ( SSA) [ 2] is an independent agency of the U.S. federal government that administers Social Security, a social insurance program consisting of retirement, disability and survivor benefits. To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the ...
Social Security's trust funds will last until 2035. The latest trustees report estimates the combined Social Security trust funds will last until 2035, one year longer than the previous projection
Social Security payroll taxes are collected by the federal Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the federal Disability Insurance (DI) Trust Fund, the two Social Security Trust Funds. [8] [9] Social Security revenues exceeded expenditures between 1983 and ...