oh... and you're also wrong
The combined Social Security trust funds are projected to be depleted by roughly 2035. At that point, without legislative action, the program will only have enough income from payroll taxes to pay approximately 75–83% of scheduled benefits, leading to a significant benefit cut for recipients.
What Depletion Means: The trust fund acts as a reserve "savings account." Depletion does not mean Social Security goes to zero, but that payments will rely solely on ongoing payroll tax revenue.
The 2035 Outlook: If insolvency occurs in 2035, the program is projected to have enough revenue to pay about 80% of benefits, with a shortfall requiring immediate reductions or funding changes.
Causes: The projected shortage is primarily due to an aging population and lower birth rates, which have reduced the number of workers per beneficiary.
Next Steps: Congress has time to act to restore solvency through adjustments such as increasing tax revenue, adjusting the retirement age, or lowering benefits.
If I live to the age of 65 it will be in 2035... if I'm going to get reduced benefits can I reduce the rate I'm paying in now?
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Crnr2Crnr ·
