By: Sahil Luthra
Social Security increase is on the way and you already know that next year COLA will be 8.7%.
There is a decline in Social Security Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) .
OASI and DI trust funds decreased by $56.3 billion in 2021 and now its totaled is roughly $2.85 trillion.
Some trustees of Social Security estimated that trust fund decline at a faster rate than historically.
As per social security 2022 report social security trust fund will be run out of money by 2035.
As per SSI estimators once SSA will be ran out of funds it will only be able to cover 80% of benefits of that year.
Social Security System will be great pain for Americans if no major reform will be made soon.
Some Survey done by the university says that Payroll tax will be in the favour of social security recipients.
As per survey social security online payroll tax will increase from 6.2% to 6.5% and 70% of Republicans and 78% of Democrats supports this increase.
Other hurst breaking change is that full retirement age may increase from 67 to 68 and Social Security benefits may reduce for high earner.
Social Security is full of benefits and always in the favour of social security recipients. Some changes are required to keep it up.
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