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The Old Age and Survivors Insurance (OASI) trust fund reserves that cover Social Security benefits -- in part, for roughly 57 million Americans -- is currently on track to be depleted by 2033,...
But while Social Security cuts are clearly problematic, there's another program that's at risk of having benefits cut due to a funding shortfall -- Medicare. And if lawmakers don't address its ...
Payroll taxes are the main source of funding for both Medicare and Social Security. ... Social Security tax: Both you and your employer contribute 6.2 percent of your wages up to a capped amount ...
The WEP and GPO provisions outline how Social Security deals with retirees who receive pensions. Under the WEP, Social Security benefits are reduced if you receive a pension from work, did not pay ...
It’s Medicare, Social Security, interest on the debt.” As Bloomberg noted, Republicans argue that failing to change Social Security could lead to a 23% benefit cut once the trust fund is depleted.
The WEP reduces Social Security benefits for individuals who get a pension from a job that didn’t require them to pay taxes into the program (despite having worked other jobs that did), while ...
If the cuts have impacted you, part-time work can help supplement your Social Security income. The U.S. Department of Labor runs the Senior Community Service Employment Program.
For example, if you make $80,000 per year, you pay Social Security taxes on all of your income, so whether the limit is $130,000, $300,000 or removed entirely, it doesn't affect your payroll taxes ...