https://www.ssa.gov/myaccount/statement.html

Wanted to share this as a resource since I started doing a deep dive on the financial implications during one’s retirement years of being a homemaker earlier today in light of a new law in Florida stopping the practice of lifetime alimony.

  • @axtualdave
    link
    241 year ago

    No, it’s not.

    https://www.marcumllp.com/insights/no-social-security-is-not-going-bankrupt

    While the current expenditures predict, without any action, one of the funding sources for social security, the trust fund, will deplete in 2032, payroll taxes still exist.

    Although the Trust Fund is projected to be depleted in 2033, Social Security will not be insolvent or bankrupt. Although it may not be able to pay 100% of the program’s cost, as it stands now, Social Security estimates it will be able to cover approximately 76% of the program’s cost due to employee and employer payroll taxes.

    A simple fix – remove the cap on the ssa taxable cap. Currently, only income under $160,200 (2023) is taxed for social security. Removing, or simply raising that cap opens up solvency for decades.

    • @[email protected]
      link
      fedilink
      61 year ago

      That cap is one of the biggest fuck you to the public. Ohh you made too much money, ok, you don’t need to fund social security anymore.