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Twenty GOP senators voted against legislation approved by the Senate late Friday that would bolster Social Security benefits for more than 2 million American citizens working in a range of ...
But while benefit checks will still go out, people who need to contact the Social Security Administration for assistance are likely to face longer wait times as SSA employees begin to be furloughed.
The bill could also jeopardize the Social Security fund overall, critics say. Sen. Thom Tillis, R-N.C., said the Social Security trust fund is less than 10 years away from being insolvent, and ...
The nonpartisan Committee for a Responsible Federal Budget also estimates that if passed, the policy would hasten the Social Security program's insolvency date by about half a year as well as reduce lifetime Social Security benefits by an additional $25,000 for a typical dual-income couple retiring in 2033.
The average monthly Social Security benefit will increase from $1,927 to $1,976 in 2025 after the cost-of-living adjustment this year, according to the Social Security Administration.
At the end of 2009, the Trust Fund stood at $2.5 trillion. The $2.5 trillion amount owed by the federal government to the Social Security Trust Fund is also a component of the U.S. National Debt, which stood at $15.7 trillion as of May 2012. [18] By 2017, the government had borrowed nearly $2.8 trillion against the Social Security Trust Fund.
Social security benefits were reduced by two-thirds of the non-covered government pension amount. [1] Note this is not two-thirds of the Social Security benefit; for example, a $600 non-covered pension benefit would reduce Social Security spousal benefits by $400, regardless of whether the spouse was entitled to $500 or $1000 on the Social Security record of the number holder.
The Social Security Administration's press office provided comments after the initial publication of this story, stating that "state and local government employers are required to disclose ...