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Linda K - 1 Stone - 1 Thomas Barwick - 1 Goss - 1 Laurence Kotlikoff - 1 Kotlikoff - 1 CNBC.com - 1
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☆ Social Security's trust funds may run out in 2034. These changes may help
  + stars: | 2023-11-08 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
The clock is ticking for Congress to shore up Social Security benefits. The latest projections from Social Security's actuaries show the program's trust funds are due to run out in 2034, at which point 80% of benefits will be payable. In 1983, Social Security's trust funds were also close to depletion when a host of changes were passed by Congress. More from Personal Finance:Will Social Security be there for me when I retire? Today, it is three times as large, or 3.12% of taxable earnings, according to the American Academy of Actuaries.
Persons: Linda K, Stone Organizations: Security, Security's actuaries, American Academy of Actuaries, Congress, Finance, Will
☆ Will Social Security be there for me when I retire? Here's how the agency's chief actuary answers that common question
  + stars: | 2023-10-30 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
Today, Social Security has two trust funds that have a total of $2.8 trillion in reserves and function like savings accounts for the program, according to Goss. When more money is needed to pay benefits beyond what is coming in through payroll taxes, the trusts funds are available. Retirement benefits taken at age 70 are 76% higher, adjusted for inflation, than retirement benefits taken at 62, Kotlikoff's research found. "The decision to wait is really buying longevity insurance from Social Security," Kotlikoff recently told CNBC.com. With that information, the Social Security Administration provides estimates of how much in benefits you may receive if you become disabled, retire or die, thus leaving benefits to eligible survivors.
Persons: Thomas Barwick, Goss, Laurence Kotlikoff, Kotlikoff, CNBC.com Organizations: Social Security, actuaries, Republicans, Democrats, Laurence Kotlikoff Boston University, Boston University
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