Social Security Trust Funds to Run Out in 2033November 13, 2012
The trust funds, which support the country’s Social Security, are bound to run out in 2033 unless the Congress acts, reports said.
The reports came from the trustees who supervise the said retirement and disability program.
According to them, by the projected time, Social Security can only pay 75 percent of the benefits out of the annual tax revenue. Such amount is not enough to support the millions of elderly citizens, as well as the retired and disabled workers who rely on Social Security for survival.
According to the Social Security Administration (SSA), the majority of older citizens, about 90 percent or more, depend on social security benefits for most of their income.
Meanwhile, the average monthly payments received by retired workers are around $1,237.00 while disabled workers were given $1,111.00.
The Social Security is considered as the largest federal program to date. Above 56 million disabled employees, children, and spouses were provided with Social Security benefits. However, the number of beneficiaries continues to swell each year, leading to experts’ projection of the 2033 funds crisis.
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