Posted on 05/11/2024 11:59:50 AM PDT by where's_the_Outrage?
The latest Trustees Report projects the Social Security retirement trust fund will run out of money by 2033.
The trust fund has been bleeding cash since 2018, and it's getting worse every year.
Congress has several options to mitigate the potential benefit cuts facing 70 million retirees.
There might only be enough funds to pay out 79% of retirement benefits unless Congress acts. Retirees could be in for a rude awakening in the near future unless Congress makes some changes to Social Security.
The most recent Social Security Trustees Report indicated the Old-Age and Survivors Insurance (OASI) trust fund will run out of money by 2033, according to base-case projections. If nothing is done, it will only have enough incoming cash from taxes to support paying approximately 79% of benefits from that year on. Around 70 million people will see their benefit check shrink as a result.
Combining the OASI trust fund with the disability insurance (DI) trust fund offers only a bit of relief. The report shows the combined fund running dry by 2035, at which point it could only support 83% of expected benefits......
There are several proposed solutions for salvaging the Social Security program and ensuring current retirees don't see a cut in benefits.
President Joe Biden's administration proposed a payroll tax on income above $400,000. Currently, workers pay Social Security tax on only the first $168,600 in wages received each year. That number is adjusted for inflation every year.
Biden's proposal would require workers to pay added Social Security tax on any wages above $400,000. The SSA actuaries expect such a law could extend the life of the combined trust fund by another eight years, to 2043.
Another possible solution is to increase the full retirement age for current workers.
(Excerpt) Read more at fool.com ...
They know cities would burn and the mob would come for them.
How about a one-time bailout where every account is paid out, and converted to IRA or 401k, and geh FedGov out of the retirement business.
States are allowed to set up their own retirement programs such that millions of state government employees are exempt from the federal Socialist Security ponzi scheme. All it would take is for ONE state out of 50 to say: if you raise 4 or more children, you can be classified as a state employee, have all your SS deductions refunded, and have your children's future socialist security deduction equivalents paid to you instead of Fedzilla. Traditional American families would flock that state. In a way, that is how Amish families already work.
More distraction and election scare-mongering. It happens every 4 years.
If my benefits are reduced I am going to war. Because it’s theft. I better get every fooking nickel I am entitled to.
And if they are planning on cutting what I am entitled to they better pray to almighty God that I am dead before that happens.
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