Social Security Essential for Retirees
This is a news story, published by MSN, that relates primarily to Social Security news.
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Social Security dollarThe Motley Fool
•The Social Security Trust Fund is projected to exhaust its asset reserves by 2033
73% Informative
In the 2024 Trustees Report , it was estimated that Social Security is facing a $23.2 trillion funding obligation shortfall through 2098 .
In 1983 , Social Security's asset reserves were rapidly headed for exhaustion, which would have necessitated benefit cuts.
The lion's share of the income that funds this program comes from the 12.4% payroll tax on earned income.
President-elect Trump 's Social Security plan may be well intentioned, forecasts suggest it would be a fiscal disaster.
Ending the taxation of benefits would deprive Social Security of valuable income through 2035 .
The Committee for a Responsible Federal Budget estimates it would increase Social Security's cash deficit by $2.25 trillion over 10 years .
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