Photo: kat wilcox

Will Social Security exist in 35 years?

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.

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

What are the 5 keys in a relationship?

To help better understand, we have condensed the keys into five main topics – positivity, empathy, commitment, acceptance, and mutual love and...

Last updated Jul 8, 2019

How do you know if he is loyal?

Here are the traits of a truly loyal man who won't cheat: He wants to be emotionally intimate, not just physically intimate. ... He is genuinely...

Last updated Apr 9, 2022

Promotion

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.

How do I know my soulmate is near?

You feel like you are in a “love bubble.” If you have been feeling especially loved and supported lately, it is a sign that your soulmate is about...

Last updated Apr 26, 2018

What are the 5 ways to express love?

Five Ways to Express Love Gifts. Some people express and feel love through gift-giving. ... Acts. Another way to express love is to do something...

Last updated Mar 31, 2020

Promotion

How much will SSI check will be in 2023?

SSI amounts for 2023 Recipient Unrounded annual amounts for— Monthly amounts for 2023 2022 Eligible individual $10,092.40 $914 Eligible couple 15,136.93 1,371 Essential person 5,057.77 458 1 more row

ssa.gov - SSI Federal Payment Amounts for 2023

Maximum Federal Supplemental Security Income (SSI) payment amounts increase with the cost-of-living increases that apply to Social Security benefits. The latest such increase, 8.7 percent, becomes effective January 2023.

SSI amounts for 2023

The monthly maximum Federal amounts for 2023 are $914 for an eligible individual, $1,371 for an eligible individual with an eligible spouse, and $458 for an essential person. In general, monthly amounts for the next year are determined by increasing the unrounded annual amounts for the current year by the COLA effective for January of the next year. The new unrounded amounts are then each divided by 12 and the resulting amounts are rounded down to the next lower multiple of $1. Calculation details Recipient Unrounded annual amounts for— Monthly amounts for 2023 2022 2023 a Eligible individual $10,092.40 $10,970.44 $914 Eligible couple 15,136.93 16,453.84 1,371 Essential person 5,057.77 5,497.80 458 a The unrounded amounts for 2023 equal the unrounded amounts for 2022 increased by 8.7 percent.

Payment reduction

The monthly amount is reduced by subtracting monthly countable income. In the case of an eligible individual with an eligible spouse, the amount payable is further divided equally between the two spouses. Some States supplement SSI benefits.

Am I being toxic in my relationship?

You tend to manipulate things Manipulation ranges from gaslighting and lying to hiding information from your partner. If you're doing any of these...

Last updated Mar 19, 2021

What happens to your body when you cheat?

Research shows that after a cheat meal, the body increases its metabolism, causing you to burn calories faster. This is caused by increased levels...

Last updated Oct 4, 2022

Promotion

What kind of a woman a man needs?

What Men Want In A Woman She Is Family- And Friend-Oriented. Of course, not every person is close to their family. ... She Is Charming. ... She Is...

Last updated Apr 2, 2021

Promotion

How do you make your ex crave you?

If you want your ex to miss you, there are a few things you can do to make them crave you even more and try to reconnect. Give them their space and...

Last updated Feb 11, 2022