YSK: If you work in the U.S. as a W-2 worker, you can check to see how much money you've paid into Social Security and learn when you'll become eligible to draw from it in retirement

HandsHurtLoL@kbin.social · 1 year ago

YSK: If you work in the U.S. as a W-2 worker, you can check to see how much money you've paid into Social Security and learn when you'll become eligible to draw from it in retirement

axtualdave@lemmy.world · 1 year ago

No, it’s not.

https://www.marcumllp.com/insights/no-social-security-is-not-going-bankrupt

While the current expenditures predict, without any action, one of the funding sources for social security, the trust fund, will deplete in 2032, payroll taxes still exist.

Although the Trust Fund is projected to be depleted in 2033, Social Security will not be insolvent or bankrupt. Although it may not be able to pay 100% of the program’s cost, as it stands now, Social Security estimates it will be able to cover approximately 76% of the program’s cost due to employee and employer payroll taxes.

A simple fix – remove the cap on the ssa taxable cap. Currently, only income under $160,200 (2023) is taxed for social security. Removing, or simply raising that cap opens up solvency for decades.

bamboo@lemmy.blahaj.zone · 1 year ago

That cap is one of the biggest fuck you to the public. Ohh you made too much money, ok, you don’t need to fund social security anymore.