They don’t expect to go bankrupt by 2033. That’s when the surplus/reserves will run out. The system doesn’t have the fixed amount of money. Current employees are constantly paying into it.
20% is the shortfall between payout vs people paying in. And it will only happen if it’s not addressed. Which I’m sure will get addressed last minute or something like that.
Social security will be bankrupt by 2033 according to their own estimates.
https://www.ssa.gov/OACT/TRSUM/index.html
Somehow they expect to pay 80% benefits beyond that point.
Expect your income taxes to go up…and by a lot.
They don’t expect to go bankrupt by 2033. That’s when the surplus/reserves will run out. The system doesn’t have the fixed amount of money. Current employees are constantly paying into it.
20% is the shortfall between payout vs people paying in. And it will only happen if it’s not addressed. Which I’m sure will get addressed last minute or something like that.