One of Social Security's most pressing problems is the depletion of its trust funds: the Old-Age and Survivors Insurance (OASI) fund and the Disability Insurance (DI) fund. The OASI is the fund responsible for retirement benefits, but both play an integral role in the program....
The Old Age and Survivors Insurance Trust Fund, one of the funds that pay for Social Security, will be able to make full payments until 2033. That's one year sooner than last year's report projected. The fund would then become depleted and benefits moving forward would have to be cut by...
However, the growth of the Social Security Trust fund was used to paper-over the true size of the deficits that were being run by the federal government. The budget deficit numbers that are routinely quoted in the press are for the total, both including Social Security and the normal operati...
As of 2021, total costs exceed total income, according to the 2021 Social Security Annual Report. The Social Security Administration currently projects that the OASI Trust Fund will be able to pay full benefits until 2033, at which time it will be able to pay 77% of full benefits. The ...
The board of trustees of the Social Security trust funds projects that the combined fund will be able to provide full benefits until 2035, a year later than it predicted in 2023.
The trust funds that help pay Social Security benefits to some 67 million Americans are projected to run dry in 2035, the Social Security Administration (SSA) outlined in its annual report to Congress on Monday. If Congress fails to act before then, the system will have to rely entirely on...
Most people, when that annual report is released, focus on when the Social Security Trust Fund runs out of money. But since the Trust Fund only contains IOUs, I view that as a largely irrelevant number. Instead, I immediately look at Table VI.G9, which shows how much revenue is being ...
By the year 2034, the Social Security Trust fund will be depleted, and benefits will be reduced by 20% if nothing changes, according to the Social Security and Medicare Board of Trustees 2023 Annual Report. This will have a disastrous effect on the more than 66 million Americans who rely ...
Social Security relies on two legally separate trust funds: theOld-Age and Survivors Insurance (OASI) Trust Fundand theDisability Insurance (DI) Trust Fund. The OASI Trust Fund is used to pay benefits to retired workers and their families, as well as to the families of deceased workers. The...
Contributions to Social Security Trust Fund (2023) Social Security vs. Private Retirement Accounts Individuals with private retirement savings accounts have more control over how much and when to contribute than they do with paying Social Security taxes. For example, if you work for a company that...