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The Social Security Administration (SSA) released its 2024 trustees report in mid-May, and here's what it says about the program's future. Person with a serious expression looking at a tablet ...
The main Social Security trust fund will continue paying out full benefits through 2034, according to the annual report released Thursday from the trustees of the programs. That’s one year later ...
June 26, 2024 at 7:30 AM. Every year, the Social Security board of trustees releases a report with important details about the financial situation of this retirement benefits program. This year ...
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]
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. By 2017, the government had borrowed nearly $2.8 trillion against the Social Security Trust Fund.
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 ...
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...
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance ( OASDI) program and is administered by the Social Security Administration (SSA). [ 1] The Social Security Act was passed in 1935, [ 2] and the existing version of the Act, as amended, [ 3] encompasses several social ...