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 ...
IIRC, it is draining funds to cover disability that is causing the problem. And “disability” is, IMHO, mostly a scam. Not always...but more often than not!
they already got the fix. the shot will have taken care of most of the elderly in the next 10 years. They will have a surplus before too long
I wish you guys would make up your minds - first it was 2 years, then 3 to 5, and now 10. (Many elderly will be dead in 10 years anyway - nice way to hedge your bets.)
Remove all the illegals off from SS.
Move the disability program back to the General Fund where it belongs
THEN check the SSA account’s solvency and report back to us.
Cutting retiree’s benefits while there is double digit inflation is a recipe for disaster.
Oh I see, it’s on purpose
5.56mm
The concept of a “Trust Fund” is laughable.
Fed.gov spent that money LOOONG ago. Present payments to SS recipients come from present SS taxpayers and the general Fed.gov budget.
If this happened anywhere else in the economy, it would be called a Ponzi scheme.
But the US has a hundred billion for Ukraine.
Good luck with that. Congressional Repukes aid and abet the RATS to spend even more of our tax dollars.
Take SS as soon as possible before they reduce benefits or increase age requirements. It’s not like they’ll borrow Trillions to keep it afloat 😉
Lawyers turned professional government politicians destroyed the country.
We needed leaders. We got lawyers.
“One thing many critics of US aid to Ukraine don’t seem to understand is that most of the money actually gets spent in the United States, very often on improved equipment for our own armed forces.”
“This is happening because the United States typically supports Ukraine by donating older weapons from existing US stocks, and then using the authorized “Ukraine aid” funds to re-equip US troops with newer weapons to replace those older weapons they just gave away.
Quite literally, the roughly $140 billion the United States is spending on Ukraine through the war’s first three years is actually funding a major modernization drive for the US military.”
But, but, but...what about the “Lock Box”?
Did you forget “/s” tag?
Gaslighting extraordinaire!
There are NEVER any articles about welfare running out of money, or food stamps or WIC or any of the other hundreds of programs available to the welfare leaches.
Social Security is money that is “PAID IN” damn it. /spit
Quit paying illegals! Oh, sorry, New comers. That’s the new woke word for them.
***The latest Trustees Report projects the Social Security retirement trust fund will run out of money by 2033. ***
but,, but we were promised in 1964 it would NEVER run out of money!
https://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
About 20 or so years ago AARP magazine had an article on how the SS system was set up and it was NOT a Ponzi Scheme. All Ponzi schemes collapse when no new investors can be found. The SS had not collapsed, therefore it was not a Ponzi Scheme.
A few pages farther in was an article by Jane Briant Quinn on how the SS system was set up. Without saying the word “PONZI” it was setup the same way except it made it compulsory to join in.
The original SS system said you could retire at 62 years of age. Problem was back then was that the average life span was 57 years meaning most people would never get to retire.
Then came penicillin.
I can remember when they came up with Medicare that it wasn’t going to work if they didn’t raise the pay in to 8% from 7.65 %.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.