Social Security benefits

2024 - 5 - 7

Breaking News: Social Security and Medicare Facing Funding Crisis in 2035

Congress - Funding Crisis - Medicare - Retirement - Social Security

Find out why Social Security and Medicare are projected to cut benefits in 2035 and what this means for beneficiaries. #SocialSecurity #Medicare #FundingCrisis

Social Security and Medicare are in the spotlight as projections show a looming funding crisis in 2035. With the trust funds facing depletion, beneficiaries are at risk of benefit cuts unless Congress takes action. The safety-net programs, funded primarily through payroll taxes, are crucial for providing monthly checks to the elderly, survivors, and people with disabilities.

Recently, there have been reports of Medicare's go-broke date being pushed back to 2036, offering a slight relief, but the overall outlook remains concerning. The Trustees emphasize the urgency for lawmakers to secure the future of Social Security and Medicare to ensure uninterrupted support for those in need.

Despite a one-year extension in solvency for Social Security, challenges persist, signaling the need for long-term solutions. With the clock ticking, retirees and beneficiaries face uncertainty about the future stability of these essential programs.

As the discussion around Social Security and Medicare intensifies, the impact of political decisions on taxes and retirement benefits becomes more crucial. The upcoming elections may dictate the direction these programs take, highlighting the intersection of policy, finance, and social welfare.

In a recent Senate hearing, U.S. Treasury Secretary Janet Yellen admitted the lack of a comprehensive plan for addressing the imminent funding crisis. This acknowledgment underscores the pressing need for decisive action to safeguard the financial well-being of millions of Americans who depend on Social Security and Medicare.

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Image courtesy of "CBS News"

Social Security projected to cut benefits in 2035 barring a fix (CBS News)

Social Security relies on its trust funds to provide monthly checks to beneficiaries, with the funds primarily financed through the payroll taxes that workers ...

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Medicare, Social Security go-broke dates pushed back by strong ... (Federal Times)

Medicare's go-broke date for its hospital insurance trust fund was pushed back five years to 2036, Social Security's trust funds run into trouble in 2035.

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Social Security, Medicare gain years before benefit cuts (The Week Magazine)

The safety-net programs have a little longer than previously forecast before they run out of money, but they will still face a funding crisis in about a ...

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Trustees: Lawmakers must act to secure Social Security, Medicare (kslnewsradio.com)

Social Security and Medicare – which support monthly payments to the elderly, survivors and people with disabilities – are expected to out in 2035.

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Social Security: Benefits will be slashed in 2035 unless Congress ... (WBIW.com)

At that time, Social Security trust funds—which help support monthly payments to the elderly, survivors, and people with disabilities—will be depleted, and ...

Social Security holds off insolvency until 2035, one year later than ... (Morningstar.com)

By Jessica Hall. Last year, the Trustees expected benefit cuts would begin in 2034. The Social Security Trust Funds are scheduled to be depleted in 2035, ...

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Social Security Solvency Extended by One Year, But … (National Association of Plan Advisors)

While the Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100% of total scheduled benefits until 2033, unchanged from last year's report, ...

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Medicare and Social Security go-broke dates are pushed back in a ... (WLS-TV)

Medicare's go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in the latest report, thanks in part to higher payroll tax ...

Cassidy Releases Statement on Trustees of the Social Security and ... (Senator Bill Cassidy)

Weeks ago, U.S. Treasury Secretary Janet Yellen admitted to Cassidy during a U.S. Senate Finance Committee hearing that “[President Biden] doesn't have a plan” ...

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Social Security, Medicare won't be able to pay full benefits starting ... (Spectrum News 1)

The annual report, which looks at current and projected finances for the popular federal safety-net programs, said both “face significant financing issues.” ...

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The Clock Is Ticking To Fix Social Security As Retirees Face ... (KPCC)

Social Security's finances have improved slightly in the last year. But the popular retirement program still faces big challenges including the threat of ...

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The Election Can Affect Taxes, Social Security, And Your Retirement (Forbes)

For retirees, tax troubles from sunsetting irrespective of whether Congress goes red, blue or stays purple; and Social Security needs Congressional ...

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Social Security benefits could be cut in 2035, one year later than ... (USA TODAY)

The Social Security Administration said Monday it has enough funds to pay all scheduled benefits until 2035.

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Should Your 401(k) Be Eliminated to Save Social Security Benefits? (Kiplinger's Personal Finance)

Some economists argue that tax-advantaged retirement plans are not as beneficial as they seem.

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Social Security will run out of money in nine years | Schiff Sovereign (Sovereign Man)

Social Security's annual trust fund report was released yesterday… and, no surprise, the report states very clearly that trust fund balances “are projected ...

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When the government can't fully fund Social Security benefits ... (Marketplace.org)

“The Social Security and Medicare programs operate out of trust funds. They're not part of the federal budget,” said Bill Sweeney, senior vice president of ...

Hartford Man Charged with Fraudulently Collecting Social Security ... (Department of Justice)

Vanessa Roberts Avery, United States Attorney for the District of Connecticut, today announced that a federal grand jury in Hartford has returned an ...

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Social Security Matters: Ask Rusty – Minister wants to maximize ... (The Coastland Times)

Dear Rusty: I want to apply for Social Security, but I want to make sure I get all the benefits I have earned. I am a veteran with a 10%

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Here's Exactly When Social Security Recipients Can Expect Benefit ... (Motley Fool)

Social Security can tap its trust funds to keep up with scheduled benefits in the coming years and avoid having to shrink them, even as payroll tax revenue ...

Spousal Social Security Benefits: 3 Things All Retired Couples ... (Nasdaq)

Understanding a few key rules could help you maximize your Social Security spousal benefit, so you can enjoy a more comfortable retirement. Here are the three ...

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Social Security has to be fixed. But you still need your own savings. (The Washington Post)

That means Congress has less than a decade to fix the shortfall. Proposals include reducing benefits, raising the retirement age for younger workers or lifting ...

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Social Security Finances Remain Dire (NerdWallet)

The trust funds that help pay Social Security benefits to some 67 million Americans are projected to run dry in 2035, the Social Security Administration ...

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Social Security benefits could be cut in 2035, one year later than ... (Jackson Clarion Ledger)

The Social Security Administration said Monday it has enough funds to pay all scheduled benefits and associated administrative costs until 2035.

Will Social Security still be around when you retire? That's at least a ... (Morningstar.com)

By Beth Pinsker. If you're worried about the projected shortfall that will come in 2035, here's how to do the math on your own retirement-success chances.

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When Will Social Security Reserves Run Out? A New Report ... (CNET)

The Social Security Trustees annual report this week gives a fresh estimate for how long Social Security reserve funds will last.

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3 Ways to Lose Your Social Security Benefits (CNET)

It's important to make sure you follow all the steps to prevent those benefits from getting revoked by the administration. A few things could cause you to lose ...

Spousal Social Security Benefits: 3 Things All Retired Couples ... (Nasdaq)

Understanding a few key rules could help you maximize your Social Security spousal benefit, so you can enjoy a more comfortable retirement. Here are the three ...

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Social Security forecasted to go broke by 2035 (KUTV 2News)

The trustees for Social Security and Medicare issued their annual reports on the state of the programs' finances, both of which found looming insolvency is ...

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