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Social Security has two other funding sources: benefit taxes on some seniors and interest income earned on money in the program's trust funds. But both of those are in danger right now. The ...
The most popular solution, though, is to tax income higher than $400,000 per year for Social Security purposes. Only income up to $168,600 per year is subject to Social Security tax, as of 2024 ...
Should the Social Security reserves run out in 2035, benefit cuts could take various forms. The simplest cut would be an equal one across the board. ... whereas benefits for lower-income Social ...
It's been able to continue paying out benefits so far by relying upon Social Security's trust fund reserves, but those are running low. A recent Congressional Budget Office (CBO) report indicated ...
Again, as of 2024, the Social Security Administration expects the funds to run out by 2035, at which point the program will be able to continue paying 83% of future benefits.
The trust funds the Social Security Administration relies on to pay benefits are now projected to run out in 2035, one year later than previously projected, according to the annual trustees ...
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 ...
Should the Social Security reserves run out in 2035, benefit cuts could take various forms. The simplest cut would be an equal one across the board. Another option would be to cut benefits ...