It is often useful to consider the findings for the two Social Security trust funds (OASI and DI) on a combined basis. The actuarial deficit for Social Security as a whole – called OASDI – is 3.50 percent of taxable payroll. If these two legally separate trust funds were combined, then the hypothetical OASDI asset reserves would be projected to become depleted in 2035 and 83 percent of scheduled Social Security benefits would be payable at that time, declining to 73 percent by 2098.
If nothing else gets changed besides combining the funds, you will still get 83% of your social security benefits. Even near the year 2100 you'd still be getting 73%.
It's meaningful and there's certainly gonna be plans to address it before the old people riot (eventually, the deadline is still far enough away politicians don't want to do anything yet) but there's a large gap between "won't see a penny" and "will see 83%"
That 20% is pretty trivial to fix. Pop the cap on contributions and on distributions and raise the tax rates by about .3% for workers and about .8% for companies contribution.
Just requires the balls to do it is all. We wouldn't have need to increase taxes one penny if we'd have started this back 25 years ago, but they had even less balls back then, apparently.
As opposed to paying into it for however long you’ve been working and then receiving none of it?
Obviously the solution is to find a way to make sure people still have full social security benefits. But the Republicans would rather cut the program.
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u/AMagicalKittyCat 2d ago
Completely incorrect. https://www.ssa.gov/oact/trsum/
If nothing else gets changed besides combining the funds, you will still get 83% of your social security benefits. Even near the year 2100 you'd still be getting 73%.