Will my Social Security "Run Out"?

Social Security benefits won't stop EVEN IF the trust fund runs out of money.  Because the program continues to collect payroll taxes and income taxes on benefits.  It’s a “Pay As You Go” System.  While the trust fund reserves are projected to run out, the program would still be able to pay a significant portion of benefits from the incoming tax revenue. 

Here's a more detailed explanation:

The Social Security Trust Fund

This fund holds assets, primarily Treasury bonds, to supplement the program's income from payroll taxes, income taxes on benefits, and interest earned on the bonds. 

Trust Fund Depletion:

The trustees project that the OASI (Old-Age and Survivors Insurance) trust fund will be depleted somewhere around 2030-2035.  However, even if the trust fund runs out, Social Security will still be able to pay a substantial portion of benefits from its ongoing income. 

Continuing Tax Revenue:

The program collects approximately $1.6 trillion annually in payroll taxes from workers and income taxes on benefits. Even if the trust fund reserves are exhausted, this tax revenue will continue to be collected. 

Percentage of Benefits Payable:

The Social Security Administration (SSA) estimates that, even without additional action, the program would still be able to pay around 75-80% of scheduled benefits. 

Congressional Action:

While the program can continue to pay a portion of benefits, Congress would likely need to take action to strengthen the long-term finances of Social Security, possibly through tax increases or benefit reductions. 

Impact on Recipient Income:

If benefits were reduced due to a lack of action, those with the lowest incomes would be most affected, potentially leading to more people in poverty. 

In essence, Social Security benefits are not solely dependent on the trust fund. The program's income from payroll taxes and income taxes on benefits will continue to flow, allowing it to pay a significant portion (estimated 75-80%) of scheduled benefits even if the trust fund reserves are depleted.

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Some information was sourced from Google AI.