The report shows that, unless Congress steps in, Social Security would only have enough money to cover about 77% of the scheduled benefits.
A separate report for Medicare shows that the Hospital Insurance Trust fund could pay full benefits through 2031. After that, it would only be able to cover about 89% of expected benefits.
Social Security benefits for retirees and others are paid primarily through payroll taxes of current workers with supplements from trust funds. Benefits paid out by the program have exceeded the money coming in since 2021.If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
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