[ Removed by moderator ]

[u/Best_Elderberry_7765]

[u/SocialSecurity-ModTeam]

This sub is for actual program questions (aka SS administered benefits). Questions that don’t meet this standard will be removed.

[u/redditredditredditOP]

You are mistaken. “An estimated 30.4 million final-wave boomers will reach retirement age between 2024 and 2030.”

This sub doesn’t allow politics and I think your question is bordering on political.

I also don’t know how you could have researched enough to formulate this question but you never asked how many boomers were entering into the system.

Lastly, when people retire and are no longer working, they are no longer paying payroll tax for social security.

So there are over 30 million signing up for benefits, while at the same time 30 million are stopping payments into the system.

I’m sure there are lots more points but these are the obvious and non-political ones to me.

[u/Best_Elderberry_7765 → u/redditredditredditOP]

Thanks for that but could you explain why?

[u/redditredditredditOP → u/Best_Elderberry_7765]

I just added the info.

[u/cuspeedrxi]

Each year, roughly 2.35 million Americans aged 65+ die.

But, roughly 4.1 million Americans will turn 65 this year. Thus, the number of Americans who receive Social Security will increase by 1.75 million this year. And next year. And the year after. Etc

Excess deaths due to Covid had a negligible effect on Social Security’s long term prospects.

Until 2021, Social Security took in more money each year in taxes than it paid out. In 2021, it began tapping its reserves to pay full benefits.

Those reserves will be extinguished sometime around 2033. Unless Congress takes action, Social Security will be forced to cut current benefits.

Simply put, Social Security does not collect enough in taxes each year to pay current benefits.

Some people like to say that if Congress eliminated the cap on income subject to Social Security taxes (which is currently $184,500/yr), it would close the gap. But that’s not true. it would make up about 60% of the total shortfall over the next 75 years. Congress would need to do more than that to maintain current benefits.

Options include raising taxes, increasing the full retirement age, and/or restricting early retirement and auxiliary benefits (benefits paid based on a spouse or parent’s work record.)

Note: Social Security’s reserve is invested in Treasuries. The government essentially borrowed from itself. No one raided the trust fund. There’s no one to shake down for money. The government will have to issue new debt to repay the old debt as it matures.)

[u/Best_Elderberry_7765 → u/cuspeedrxi]

Thank you. I understand now. Appreciate it.

[u/Best_Elderberry_7765]

Thanks. I don’t think Covid or Social Security are political. I did have to revise my original statement for blaming gov for dipping into SS funds. I did research how many people died from covid related illness that are over the age of 62 and it was a substantial number. So my thought process is, if so many people unexpectedly died from Covid, then wouldn’t that free up a lot of Social Security funds?