Today’s retirees are facing stubborn inflation, staggering healthcare costs and an uncertain Social Security system. And by the next decade, many could witness severe losses to Social Security benefits, according to an analysis by the Committee for a Responsible Federal Budget . When the Social Security fund is expected to become insolvent in 2033, the typical dual-income couple retiring that year would see an annual benefits cut of $17,400 in today’s dollars, the CFRB said in its analysis.
Social Security benefits are funded by payroll taxes automatically deducted from workers’ paychecks. Their employers pay into the fund as well. The Social Security tax rate for employees and employers is 6.2% for 2023 and up to $160,200 of an employee’s income is subject to Social Security taxes. The OASI fund would be able to pay total scheduled payments until 2033, according to an analysis by the Social Security Administration .
Depending on factors like income, some Americans could benefit from Supplemental Security Income , an SSA program separate from Social Security benefits.
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