Unless changes are made to save the program, an estimated 66 million recipients of Social Security will see those benefits get cut by 23-25 percent.
The Social Security Administration announced in March that the taxpayer-funded trust will run dry by 2033.
According to the annual report released by the Social Security Board of Trustees in March, around 66 million people were receiving monthly Social Security benefits, funded by an estimated 181 million workers who pumped $1,107 billion into the trust fund through their payroll taxes by the end of 2022. However, the money being paid out of the fund is 80 percent higher than the revenues coming in.
In 2023, employees contributed 6.2 percent of their earnings up to a maximum of $160,200. Their employer matches those funds. Those who are self-employed contribute both shares or 12.4 percent. Over 40 percent of Social Security recipients currently pay income taxes on a portion of their benefits, which in turn go to the OASDI trust funds as well as Medicare’s Hospital Insurance Trust Fund.
Unless changes are made to save the program, an estimated 66 million on Social Security will see those benefits get sliced by 23-25 percent.
Here’s what you should know regarding the positions held by some of the 2024 presidential candidates when it comes to Social Security including Joe Biden, Donald Trump, Ron DeSantis, Nikki Haley and Robert F. Kennedy Jr..
By Patricia Tolson
