Search for Social Security Fund Now Seen To Be Empty By 2037 on Bing

WASHINGTON (AP) -- Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates....

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BING NEWS:
  • Social Security's full retirement age is increasing in 2025: What to know
    The full retirement age for Social Security is set to increase in 2025, with the age for new retirees to claim and receive their full benefit rising to 66 years and 10 months.
    12/25/2024 - 4:00 am | View Link
  • Financial safety net: Building an emergency fund in 12 months
    Establishing a robust emergency fund is crucial for financial stability. By saving three to six months' worth of essential expenses, you can safeguard against unexpected financial setbacks.
    12/24/2024 - 2:10 am | View Link
  • 3 million public servants to receive enhanced Social Security benefits
    Millions of retired public service workers will soon see increased Social Security benefits thanks to a last-minute vote in the Senate.
    12/23/2024 - 9:00 am | View Link
  • Social Security Fairness Act passes Senate, set to become law
    The bill, which heads to President Biden’s desk, repeals provisions that reduce benefits for thousands of public services workers in CT.
    12/23/2024 - 8:56 am | View Link
  • Senate approves bill to expand Social Security to millions of Americans
    Legislation now headed to President Biden's desk comes with the Social Security Administration staffed at a 50-year low.
    12/23/2024 - 7:57 am | View Link
  • More
BING SEARCH:
  • How is Social Security Funded?
    About 80 cents of each dollar you pay in Social Security taxes goes to the old-age insurance fund, the rest to disability. In 2023, those taxes — called FICA for people with wage-earning jobs and SECA for the self-employed — brought in more than $1.2 trillion, accounting for 91.3 percent of Social Security's revenue, according to the most ...
    12/25/2024 - 4:04 am | View Website
  • 7 Things You Should Know About Taxes on Social Security
    The taxation rules apply to all forms of benefits paid out of Social Security’s trust funds — retirement benefits, survivor benefits and Social Security Disability Insurance (SSDI). Whichever type of Social Security benefit you’re getting, you could owe taxes on it, depending on your overall income.
    12/24/2024 - 9:09 pm | View Website
  • The Future of Social Security
    Absent any change in law, the Social Security trust funds — the financial accounts that the program draws from when annual payments to Americans are larger than annual tax collections — will be out of money in 11 years, according to the latest annual report from Social Security’s trustees. At that point, the program would have only ...
    12/24/2024 - 9:06 am | View Website
  • How Much Longer Will Social Security Last?
    That does not mean Social Security will no longer be around; it means the system will exhaust its cash reserves and will be able to pay out only what it takes in year-to-year in Social Security taxes. If this comes to pass, Social Security would be able to pay about 83 percent of the benefits to which recipients are entitled.
    12/24/2024 - 6:21 am | View Website
  • Should You Use 401(k) Funds Before Tapping Social Security?
    Waiting to claim Social Security until the maximum age of 70, rather than the earliest eligibility of 62, increases the monthly benefit by at least 76 percent, or about 8 percent per year. Given that people near retirement are generally advised to be more conservative about risk, that’s more than their investment accounts, including 401(k ...
    12/23/2024 - 9:10 pm | View Website
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