Post by Forever Sunshine on Apr 23, 2012 15:12:21 GMT -5
The trustees of the Social Security system said Monday the fund that helps sustain retiree and survivors’ benefits will become exhausted in 2033, three years sooner than they projected last year.
At that point, payroll taxes and taxation of Social Security benefits will provide only enough income to pay about 75 percent of the benefits that Congress has promised to retirees and survivors.
In practical terms, this means that a 40-year-old worker who is eligible to collect retirement benefits in 2039, would see his or her expected retirement benefit cut by about 25 percent, unless Congress took action to change the program’s funding or its benefit structure.
nbcpolitics.msnbc.msn.com/_news/2012/04/23/11355323-social-security-trustees-see-earlier-fund-depletion-date?lite/
At that point, payroll taxes and taxation of Social Security benefits will provide only enough income to pay about 75 percent of the benefits that Congress has promised to retirees and survivors.
In practical terms, this means that a 40-year-old worker who is eligible to collect retirement benefits in 2039, would see his or her expected retirement benefit cut by about 25 percent, unless Congress took action to change the program’s funding or its benefit structure.
nbcpolitics.msnbc.msn.com/_news/2012/04/23/11355323-social-security-trustees-see-earlier-fund-depletion-date?lite/
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