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With $1.5M in savings, should I still apply for Social Security disability? Vawn Himmelsbach. October 22, 2024 at 7:15 AM. I’m 62, legally blind and can’t work. With $1.5M in savings, should I ...
The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
The Social Security Fairness Act (SSFA), which was recently signed into law by President Joe Biden, eliminates rules that reduce Social Security benefits for those who also get income from public...
Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget deficit commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $1,151.3 billion. Social Security and the Post Office are considered "Off-Budget".
The Social Security Amendments of 1983 (Public Law 98-21) provided for the WEP as a means of eliminating the "windfall" of social security benefits received by beneficiaries who also receive a pension based on work not covered by Social Security. [3]
The federal government began taxing Social Security benefits with the 1984 tax year, but it wasn’t until 1993 that tax rates and income thresholds were set to what today’s seniors are expected ...