Social Security Faces Funding Challenges Amid Growing Retiree Population
Despite misconceptions, Social Security will not run out of money but requires Congressional action to maintain full benefits.
Overview
- Social Security pays $93 billion monthly to nearly 68 million retirees, disabled individuals, and family members.
- The SSA's surplus is projected to run out by 2035, potentially reducing benefits to 79% without funding changes.
- Undocumented immigrants do not drain Social Security; they actually contribute billions to its funds.
- Up to 85% of Social Security benefits are taxable based on income levels, contrary to common belief.
- Annual cost-of-living adjustments help Social Security benefits keep pace with inflation, with a 3.2% increase this year.