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 ...
I’ve been expecting them to start ‘means testing’ SS recipients for years.
Sun·ni
/ˈso͝onē/
noun
the larger of the two main branches of Islam, which differs from Shia in its understanding of the Sunna, its conception of religious leadership, and its acceptance of the first three caliphs.
adjective
relating to Sunni.
“a Sunni Muslim”
I wonder what these people have to say. Being in the minority.
Bingo!... Read down the thread and was about to post this after post 100...
I did not know that. I’m so sorry. God bless your husband (may he rest in peace) and you and all of our veterans.
Figures, just my luck. I’ve been working and paying taxes since I was 13 and of course when I reach retirement I get screwed.
So Gore wasn’t lying and the money is actually in a lockbox? 🤣
Your story always makes my heart ache for you. You’re a trooper and I hope you live many more yrs.
There are a lot of replies of who shouldn’t be getting Social Security, but none touch on the subject, that none of us should be getting it. Unless someone can show where the founders of this country thought it was the Federal Government’s job to set up a retirement fund (or medical care system, drug prescription plan, etc) for us? Yes, the government took a lot of money from us and spends it very unwisely, but that is in general what governments, especially large governments do (and what really should be fixed). Everyone seems focused on getting their share back, but nobody seems to care the immense debt bill that our children and grand-children will have to deal with.
Those are the same IOUs we give to Japan, China, the UK, etc. The SSTF redeems them annually to pay the bills. They represent real money.
With exceptions, of course. And those exceptions will be more middle fingers to most Americans.
Congress will do what it has always done... absolutely nothing. They could have saved it with a 2 year change starting retirement and be done with it all but they didn’t. They fiddle fart around until everything they touch becomes a crisis and then the blow it up. They will do the same again.
He was a crew chief on a KC 135 stationed at U-Tapao Royal Thai Navy Airfield.
His flight line was located next to the perimeter fence, an area that was sprayed with Agent Orange on a regular basis.
Thanks for your condolences.
There is no money. The USA is trillions in debt.
What about the trillions for the global warming scam? But it goes to the friends of the Demonrats. They hate us and want us dead. My brain-dead democrat friends have used the old “the Republicans want to take away our Social Security” campaign slogan (used every election cycle) but it is the Demonrats that will end Social Security.
I think he/she meant that it comes from you and me. The Government doesn’t have any money except what it takes from US.
With the 10 million recently arrived illiterate wetbacks...98% of whom will eventually wind up on SSDI...I’ll wager that that date is really 2027.
No illegals are on Medicare or Social Security or SS Disability.
Illegals get Medicaid and Supplemental Security Income (SSI).
Medicaid and SSI are funded by tax dollars, not by Social Security or Medicare premiums.
Medicaid is wonderful - it pays 100% for almost every serious medical issue.
SSI is $943 cash per month, according to Bing - for disabled persons or for age 65+.
(How about immediately getting all illegals off social security as the #1 priority)
Yes
My dad was a KC-135 boom operator stationed at U-Tapao during the Vietnam War.
I’m sorry to learn about your husband. Agent Orange was terrible stuff.
Illegals are not eligible for SSI. One must be a US citizen or permanent resident who has lived in the US since 1996.
But, there are many anchor babies who receive SSI, and their illegal parents cash the checks.
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