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

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 ...

Income for the lower and middle classes is stagnant: Only income up to a certain amount is subject to Social Security payroll ...

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.

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 .

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.

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 ...

Social Security will not be able to fully pay monthly benefits to tens of millions of retirees and people with disabilities in 2034 if lawmakers don’t act to address the program’s pending ...

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 ...

Source: Social Security Administration. There are few issues that are more polarizing for Americans than Social Security. Social Security is designed to be a program that protects lower-income ...