12 Questions
What percentage of surveyed Americans worry a great deal about the Social Security system?
45%
When is the Old-Age and Survivors Insurance (OASI) Trust Fund estimated to be depleted according to the Social Security Administration's 2023 Trustees Report?
2033
What percentage of scheduled benefits will be covered by projected receipts after the OASI Trust Fund is depleted?
77%
Why is Social Security experiencing a surplus at the end of 2022?
Due to contributions from retiring Baby Boomers
What is causing benefit outlays to swell in the Social Security system?
Baby Boomers retiring
How many Americans not yet retired were counting on Social Security as a major source of retirement income?
34%
What was the age of eligibility for full Social Security benefits increased to for those born in 1960 or later?
67
Which group would be hit the hardest by the reduction in Social Security benefits to balance outlays with receipts when the program is depleted?
Those just above the poverty line
What percentage does the Social Security Administration project the poverty rate for beneficiaries age 60 and older to increase to in 2035 if benefits are cut?
7.4%
In what year did the Social Security tax rate increase from its original value to 6.2%?
1990
What is the average monthly benefit amount received by retirees in 2023 according to the Social Security Administration?
$1,837
How much did Social Security benefit payments to 66 million recipients total in 2022 according to the text?
$1.23 trillion
Explore the potential future scenarios of the Social Security system and its impact on retirement. Understand concerns and expectations related to Social Security income for future retirees. Delve into the implications and uncertainties surrounding Social Security benefits.
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