The Social Security program, a cornerstone of financial support for millions of Americans, faces a looming crisis.

A rundown of what's in the bill as it heads to be signed, including what it could mean to Social Security and Medicare and the political fallout.

Consider that the Social Security Trust Fund (in combination with the Disability Trust Fund), at the end of 2016, "owned" 13% of the total National Debt (the link includes a detailed breakdown of ...

The legislation includes tax cuts as well as big cuts to Medicaid, food benefits and other programs, and it would add more ...

Administrative expenses (less than 1%): Lastly, the Social Security Trust Funds need to pay SSA employees as well as cover the cost of the infrastructure that allows Social Security to operate.

The Federal Insurance Contributions Act was passed in 1935 to create a funding mechanism for Social Security. However, the ...

The Old Age and Survivors Insurance Trust Fund, one of the funds that pay for Social Security, will be able to make full payments until 2033. That's one year sooner than last year's report projected.

In 2022, the Social Security trust funds collected $1.22 trillion in revenue. Of that, about 90 percent came from payroll taxes and 4 percent came from taxes collected on Social Security benefits .

Social Security fund could run dry ahead of earlier forecast, trustees say. If Congress does not overhaul financing, automatic cuts will slash Social Security benefits by 23 percent in 2033 ...

The depletion of funds will directly impact retirement strategies, which is why employers need to focus on enhancing employee 401(k) plan offerings, promoting higher contribution rates, and ...

Beginning in 2025, all earned income (defined as wages and salary, but not investment income) between $0.01 and $176,100 is subject to the payroll tax that primarily funds Social Security.

Here’s a breakdown of FICA taxes: Social Security tax: Both you and your employer contribute 6.2 percent of your wages up to a capped amount called the taxable maximum ($168,600 in 2024).This ...