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Old 08-15-2011, 04:10 PM   #1
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SS-Funding

Recently people have indicated, on this board, that perhaps SS has limitless funds.

This month's AARP Magazine (Sept/Oct 2011 issue) did a great article on SS funding.

Some of the most interesting points:

*More than 80% of SS's revenue comes from the FICA payroll tax which imposes a 12.4% tax on income with 6.2% paid by employers and 6.2% paid by workers. 15% of additional funding comes from interest on reserves (funds set aside) and 3.1% from income taxes paid on benefits by higher income retirees.

*FICA revenue not needed right away is credited to the SS Trust Fund, which are the reserves, which are invested in securities.

*The Trust Fund is growing and may peak (approx) at $3.7 trillion in 2022. Then it heads down as boomer retirements accelerate and bonds are redeemed.

*Longer life spans and lower birthrates mean more SS beneficiaries as a percentage of the population, fewer workers paying into the system due to high unemployment, and payroll taxes for the system haven't been raised since 1990


Full Article:
http://www.aarp.org/work/social-security/info-08-2011/protect-social-security.html
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Fusions: L5-S1 (87), L4-S1 (93), C5-C7 ('06), L3-S1 ('10)
C5-C7 foraminotomy 08

Last edited by SpineAZ; 08-15-2011 at 04:16 PM.

 
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