Posted on 06/02/2022 5:45:31 PM PDT by American Number 181269513
Social Security will live to see another year before its trust funds cumulatively run out of money, and Medicare Part A’s trust fund depletion date gained another two years – but the clock is still ticking for the government to fix the insolvency issue.
Without any changes in the next 13 years, Social Security beneficiaries can expect to see a 20% cut to their Social Security checks in 2035, according to the Social Security and Medicare Board of Trustees report released on Thursday. For Medicare Part A beneficiaries, the cut is 10% to their scheduled benefits.
The Old-Age and Survivors Insurance trust fund, which pays out benefits to retirees and survivors, is expected to make timely scheduled payments until 2034, at which point it would be depleted and beneficiaries would get 77% of scheduled benefits funded through tax revenue, the report said – that’s one year later than the trustees report stated last year. There is no longer a projected depletion date for the disability insurance trust fund within the next 75-year period, compared to last year when the report suggested the reserves would run short by 2057.
Although the two trust funds are legally separated entities, the trustees combine the two reserves to “illustrate the actuarial status of the Social Security program as a whole,” the report said. By that measure, Social Security could pay scheduled benefits on time until 2035 – one year later than the trustees expected last year. At that point, beneficiaries would only see 80% of their scheduled benefits.
(Excerpt) Read more at marketwatch.com ...
No worries, mate!
Perfect!
There is zero chance of them not paying out full benefits ever.
They will just print whatever money they need. And luckily I’ll start collecting in 6 years.
FJB: Call up the next Chinese virus. The first one fell short of the goal.
Butt $40 buhzillion for Ukraine.
Wanna bet the $50bn we gave to the Ukraine 🇺🇦 will fully fund Zelenskyyy’s benefits.
That makes sense given that I’ll be 65 in 2035.
There has NEVER been a “trust fund”.
All money was turned over to Congress and promptly spent.
Beginning with FDR they used corrupt accounting practices, keeping double books (which they would imprison us if we did that), to pretend there were assets. One set of books in black ink exactly set off by another in red.
The same entity cannot own a bond and also owe it.
There have never been assets.
Under LBJ, near as I can figure, they started keeping a second set of liabilities on the books and that’s the assets he was said to have started spending and which ran out early under Reagan.
Social Security has always been smoke and mirrors, all lies.
The money you or I paid in that didn’t go out for someone’s illegitimate benefits (there is no enumerated power for this program) was spent long ago.
For someone to receive benefits now someone else must be defrauded of their money first.
What they are projecting will fail is the Ponzi scheme ... that there will not be enough money being defrauded from new victims to pay those previously defrauded.
Governments have a perverse incentive to ensure no one lives longer than 65. Do you know why?
They have been talking about “fixing” Social Security since at least the Reagan Administration. They can always come up with money to p*ss away on all kinds of questionable schemes. They need to pay their obligations.
There is a simple reason for that - it is impossible for a large nation to “save money”. The wealth of the US is in the goods and services it produces every year, and those are consumed as they are produced.
Sure, they could have tried to invest the SS funds in genuine capital assets. If they had done so, the SS trust fund would own every company in American by now - and be faced with having to find someone to sell them to. Moreover, since the money would not have been available for Congress to spend, we would have had to have much higher taxes, reducing private savings.
I remember in a high school government class a student said “Why don’t they just shoot them all?” I’m the only one that wasn’t aghast. Why? It’s been done before-genocide-get people out of the way. Atlas will shrug.
Yup
The libs know this
They could just stop pushing useless crap on people since they already know its over
At least enjoy the final years, according to them
Yawn.
Every so often these fear articles show up, warning that Social Security is about to go bankrupt.
When the time comes, Congress will replenish the fund. They always do.
“trust fund” should always be said using air quotes.
There is no trust fund.
Stupid comment when DC is a swamp of graft and malfeasance. Politicians stuff their pockets and bank accounts with your money as well as extort and buy votes by spending 100’s BILLIONS each/year on entitlement, grant and giveaway programs. Fund wars and color-change worth 10’s billions per/year, $2.3 trillion spent on Afghanistan(funding 1000’s who benefited/profited), and billions per/year on bottomless money-pit political pet projects... but you’re all worried about $40 billion to Kiev.
Perhaps because it costs more to sustain them versus what the paid into the system? Just a guess.
Logan's Run.
We should make it that you collect social security once you turn 60. When you turn 70, you owe the IRS a check of $100,000 for the privilege of living. You have to pay it yearly on April 15th. My Logan's Run proposal.
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