“This has been the primary, unanticipated cause of today’s shortfall,” says Nancy Altman, president of Social Security Works, an advocacy organization, and the coauthor of Social Security Works! Why Social Security Isn’t Going Broke and How Expanding It Will Help Us All. Let’s look at...
While it is possible future Social Security benefits will be reduced, it is unlikely they will be eliminated altogether, Joe Elsasser, a certified financial planner and president of Social Security claiming software company Covisum, recently told CNBC.com. "It's totall...
Essentially, yes, Social Security’s reserve funds will “run out,” but the majority of benefits will still be covered by taxpayers. And if Congress adjusts the structure of the program by 2035 through tax increases, benefit reducti...
The Covid-19 pandemic has prompted more Americans to wonder if Social Security will be there when they retire. In a survey from Nationwide, 61% of adults of all generations said they are more worried now that Social Security will run out of funding. The results come as many respondents...
Will Social Security run out? 3 myths and truths Understanding the funding gap. PrintCiteShare Written byMP DunleaveyFact-checked byNancy Ashburn Updated: Dec. 12, 2024 Like sands through the hourglass, so are the days of our retirement. © DNY59––istock/Getty Images Recent News Dec. ...
Proposing that we just tax “the rich” more, by increasing or even eliminating the income limits on Social Security “contributions,” would especially increase its unfairness to higher income earners, who already pay far more in Social Security taxes than they will ever get back in benefits, ...
Myth No. 1: Social Security is, or will be, ‘bankrupt’: Social Security will not run out of money. The program is financed by payroll taxes, so as long as workers pay into the system, money will always come in. …It’s the Social Security Trust Funds’ reserves that are projected...
Social Security's two trust funds held a combined $2.64 trillion at the end of 2023. Expenditures in 2023 were $1.24 trillion and total income was $1.17 trillion. The OASI trust fund is expected to run out of reserves in 2033. Once that happens, program income will be able to cover 79...
The number of people who paid Social Security taxes in 2023.24 The Future of Social Security Concerns have been raised about theaging of the U.S. populationand the viability of a system in which fewer active workers willsupport a greater number of retireesas the cost of living continues to ...
You don’t need an advanced math degree to figure this one out: Social Security is spending more than it’s bringing in. Far more. Its own Board of Trustees has said that it will be bankrupt within twenty years. That doesn...