Photo: Pixabay

Will Social Security be around in 35 years?

While the boomers are swelling the ranks of retirees (and living, and collecting benefits, longer), lower birth rates in subsequent generations mean there are fewer workers paying into Social Security. The upshot is that if no changes are made, the system will run through its reserve assets by 2035, if not sooner.

aarp.org - How much longer will Social Security be around? - AARP

What is the only two-sided flag?

Paraguay is the only country that still has a two-sided flag. Two-sided flags were previously more common, but have been reduced due to increased...

Last updated Apr 5, 2019

How do I stop being a toxic person?

How to Stop Being a Toxic Person? Be aware of yourself and your behavior. Know your values and abide by them. Be a good listener. Be empathetic and...

Last updated Jun 18, 2021

Promotion

According to the 2022 annual report of the Social Security Board of Trustees, the surplus in the trust funds that disburse retirement, disability and other Social Security benefits will be depleted by 2035. That's one year later than the trustees projected in their 2021 report.

The 3 Biggest Myths About Social Security

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 80 percent of the benefits to which retired and disabled workers are entitled. AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. Join Now The money in the trust funds — one for “Old-Age and Survivors Insurance” (the official name for benefits paid to retirees and their families) and one for disability benefits — comes from three sources. Here's how they broke down in 2021: 90.1 percent of Social Security revenue came from a 12.4 percent tax on most American workers' earnings, which the government collects through FICA payroll taxes (and employer matches) or the SECA taxes paid by self-employed people through their IRS returns. 3.5 percent came from income taxes Social Security recipients pay on their benefits. 6.4 percent came from interest on the trust fund holdings, which are invested in special U.S. Treasury securities. The trust funds had $2.85 trillion in reserves at the end of 2021, but benefit payments going out are increasingly outstripping income, thanks to demographic and actuarial trends. While the boomers are swelling the ranks of retirees (and living, and collecting benefits, longer), lower birth rates in subsequent generations mean there are fewer workers paying into Social Security. The upshot is that if no changes are made, the system will run through its reserve assets by 2035, if not sooner. For years, lawmakers and policy experts have been debating proposals to shore up Social Security’s finances, most falling into two broad categories: changing tax policies to steer more money into the trust funds or tinkering with the benefit formula to reduce costs (or some combination of both).

Keep in mind

FICA and SECA taxes also generate a revenue stream for Medicare, which flows into the trust fund that finances Medicare Part A (hospitalization coverage). The 2022 Medicare trustees report projects that fund will run out of reserves in 2028, after which Medicare will be able to pay 90 percent of scheduled benefits.

Is it smart to invest in gold?

Although the price of gold can be volatile in the short term, it has always maintained its value over the long term. Through the years, it has...

Last updated Oct 15, 2020

How do you tell if a man is unhappy in his marriage?

Here are some signs a guy is unhappy in his relationship: He spends excessive time on his devices even when he's with his partner. ... He does not...

Last updated Jun 9, 2021

Promotion

What does New York City gridlock mean?

NEW YORK -- New York City's Department of Transportation has released a list of Gridlock Alert Days for the rest of 2022. Gridlock Alert Days are when the worst congestion and slow-moving traffic are expected. The full list of Gridlock Alert Days is as follows: Wednesday, Novem.

cbsnews.com - Gridlock Alert Days: New York City Department of Transportation ...

Gridlock Alert Days begin in New York City as holidays approach

The full list of Gridlock Alert Days is as follows:

Wednesday, November 16, 2022

Thursday, November 17, 2022

Tuesday, November 22, 2022

Wednesday, November 23, 2022

Wednesday, November 30, 2022

Thursday, December 1, 2022

Friday, December 2, 2022

Tuesday, December 6, 2022

Wednesday, December 7, 2022

Thursday, December 8, 2022

Friday, December 9, 2022

Tuesday, December 13, 2022

Wednesday, December 14, 2022

Thursday, December 15, 2022

For more information, visit nyc.gov/gridlockalert.

Does lifting make you more attractive?

It's true: lift more weights and you'll get more mates. Research from UCLA found packing more muscle means you'll probably have double the notches...

Last updated Mar 10, 2021

What makes a guy like a woman?

Men love women who are thoughtful, caring, loving and kind. A woman who does little things for her man for no other reason other than that she...

Last updated Jul 20, 2019

Promotion

How do you know if a guy finds you irresistible?

One of the signs he finds you irresistible is when he always want to be with you. You will notice that he'll try to be physically close to you, and...

Last updated Sep 13, 2020

Promotion

How do you win a silent treatment?

Tell the person how the silent treatment hurts and leaves you feeling frustrated and alone. That's not what you want or need in a relationship....

Last updated May 13, 2021