1. Why is Social Security running out of money?

    Why is Social Security running out of money?

    The Social Security trust fund is struggling financially and the agency said it could reach its depletion date in about 12 years, but that does not mean it will completely run out of money.

    This is because the Social Security Administration (SSA) pulls in money for the Social Security Trust through the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act (SECA). Since the trust is funded through payroll taxes, it is constantly being paid into and generating new revenue.

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    1. The data and projections presented include the Trustees' best estimates of the effects of the COVID-19 pandemic and the 2020 recession, which were not reflected in last year's reports.
    2. Social Security and Medicare both face long-term financing shortfalls under currently scheduled benefits and financing.
    3. Lawmakers have many policy options that would reduce or eliminate the long-term financing shortfalls in Social Security and Medicare.
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