Then you have to be aware that ten years from now there will be no funds for those who may become age eligible under Social Security(SS) program. The people that are currently receiving income from SS will experiment a 23% cut, from 2033, moving forward. This information was disclosed by the Board of Trustees on the Federal Old Age and Survivors Insurance and Federal Disability Insurance Trust Funds, in their report of Friday, March 31st, 2023.
You can read the full report by accessing:
Those of us that are 57 or younger should now that we may not receive any benefit from SS, Medicaid or Medicare by the time we become senior citizens this programs may not be available to help us with our medical and support needs. The good news is that if we know what we will be facing ahead of time, we are able to plan, prepare and decide differently to assure our needs are met.
We can all agree that to increase taxes at this point in time, with the inflation we are progressively facing is not the best option. However the Heritage Foundation has proposed instead “Minimizing Social Security’s Burdens. Congress should: Reduce Social Security’s tax rate. A national program limited to preventing poverty in old age would cost only a fraction of Social Security’s $1.1 trillion annual price tag. Heritage Foundation experts estimate.
The Heritage Foundation, “Policy Agenda: Social Security and Health Care Entitlement Reform,” in Blueprint for Balance: A Federal Budget for FY 2020, May 20, 2019, https://www.heritage.org/blueprint-balance/policy-agenda/social-security-and-health-care-entitlement-reform.
that shifting to a universal, anti-poverty benefit (along with a few other commonsense reforms) would reduce Social Security’s tax burden from 12.4 percent to 10.1 percent while also making the program solvent in the long run. The tax rate could further decline over time as benefits coalesce to a flat level, allowing workers to keep more of their own money to save and spend when and how they want.”
(To read the complete analysis and Heritage Foundation proposal go to: https://www.heritage.org/social-security/report/social-security-policy-the-next-administration-and-the-117th-congress?_gl=1*1skly2*_ga*NzkyMjkwNjguMTY4MDU2NzMxMQ..*_ga_W14BT6YQ87*MTY4MDU2NzMxMC4xLjEuMTY4MDU2ODA5NC42MC4wLjA.&_ga=2.59090989.1664474523.1680567311-79229068.1680567311&mibextid=Zxz2cZ ).
So don’t lose hope but rather get informed and take action, make an effort to get involved in better policy approval. As citizens we are not only entitled but responsible for a better administration of our taxes. Let’s turn things around for the best.
-Ada N. Henriquez, Esq