Saturday, August 10, 2013

Social Security in Good Shape

Since its inception, Social Security has been the foundation on which America's retirement security rests. It has demonstrated its strength by paying benefits without interruption in good times and bad, during periods of recession and disaster, and during recovery and healing. The program's strength is demonstrated yet again in this year's Trustees Report, which reflects the resilience of the Trust Funds. Their report is good news for working Americans and for seniors.

Social Security remains strong, and will be able to pay full benefits for decades to come -- until 2033, as was true last year. Thereafter, there will still be enough revenue coming into the program to pay 77 percent of all benefits owed.

Social Security remains well-funded. With the economy showing signs of recovery, the Trustees estimate that, in 2013, Social Security's total income will exceed its expenses by over $28 billion. In fact, the Trustees estimate that total annual income is expected to exceed program obligations through 2020.

The Trustees report there is now nearly $2.73 trillion in the social Security Trust Fund, which is $54 billion more than last year and that it will continue to grow by payroll contributions and interest on the Trust Fund's assets.

Source: copied from SOAR in Action Volume 8/3

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