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.
This is rad. They have me starting work a year before I thought I did. Heck yeah. I’m doing much better than I thought.
YSK, Social Security is predicted to become insolvent in 2034.
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.
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.
Sure, but the US fuckin loves old people. It’s the one thing we will spend money on. Most countries spend 3x-4x more on elder services than general social services for all ages. The USA (can’t forget my homie Japan, them too) spends TWENTY times more on shit for old people. I doubt this will change until all the boomers are dead and the distribution of ages in the USA changes.
The one thing republicans and Dems will fix together is social security. Not until the last minute, of course.
We do spend 20x more on old folks, but IMO that’s mainly because we’re lacking social safety nets for those not yet of retirement age compared to most other countries.
Definitely. My point is just that old people are a massive priority and even stingy GOP diehards won’t let social security end. It’s not an entitlement, so they think it’s worth spending for
Totally fair and agreed.
I am aware that this has been covered, but I have to maintain the belief that much like the US Postal Service, the federal government will continue to foot the bill regardless.
Apparently the SSA’s website closes for the evenings. Who would have thunk.
You can open a.n account online though it’s a pain in the ass. But I like to keep track so I can figure out what kind of dumpster I’ll be able to afford in retirement.
I ran into this as well and honestly just can’t believe it. Like, this is something my grandparent would think might happen and I’d laugh at how silly it is. Yet here we are.
Those bits and bytes need time off too! 😂🤣
Think about how well the SSA is funded and then consider where they might have cost cut. You’d be surprised how much contract IT eats into a budget.
I’m surprised!!!
If only there was a way to keep services up and running after hours. ¯\(ツ)/¯
Gotta turn off the mainframe to save money!
Actually, the mouse running the wheel powering the server also needed to clock out for the night.
Have a problem with it? Take it up with the union, bub.
😂
Is this applicable to someone who worked in US for say 5 years on H1B visa and then left the country. I know I paid social security with each of my pay check. Would I be able to get any benefit when I retire (or before)?
Bold of you to assume anyone on here will be able to claim social security before it goes kaput
It’s a good idea to check in on this every so often just to make sure your employers are paying their contributions too. I recall some horror stories when this this been posted before.
So theoretically as long as my gross was below the cutoff (currently $160K in 2023) would that keep a running tally of my gross earnings over the years or are there other things such as 401k that would reduce that amount?
I was wanting to calculate how much I grossed in my lifetime but of course don’t have a chunk of that data anymore.
