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The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion. [4]
Retired Social Security. In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA). [1] The Social Security Act was passed in 1935, [2] and the existing version of the Act, as amended, [3 ...
Yet today Social Security is treated like all the other trust funds of the Unified Budget. [ citation needed ] As a result of these changes, particularly the tax increases, the Social Security system began to generate a large short-term surplus of funds, intended to cover the added retirement costs of the " baby boomers ".
In 2022, the Social Security trust funds collected $1.22 trillion in revenue. Of that, about 90 percent came from payroll taxes and 4 percent came from taxes collected on Social Security benefits .
As the headlines say, Social Security's trust funds are expected to run out of money in 2035, based on the intermediate assumptions. If the high-cost assumptions prove accurate, the projected out ...
September 8, 2024 at 12:19 PM. Social Security took in a whopping $1.351 trillion last year, and it paid out $1.385 trillion in benefits to retirees, disabled workers, and their families. If that ...
This debt mainly represents obligations to Social Security recipients and retired federal government employees, including military. In the United States, intragovernmental holdings are primarily composed of the Medicare trust funds, the Social Security Trust Fund, and Federal Financing Bank securities. A small amount of marketable securities ...
Another option would be for Congress to raise the Social Security payroll tax rate from its current 12.4% to 15.6% following the trust fund depletion, and then gradually increase it to 16.7% by 2095.