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.
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.
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