A big news has come out regarding the extension of Social Security Trust Fund 2024 for social security recipients. Earlier the news had come out that the trust fund will end in 2024 and no support will be given in the next year but now there is a sigh of relief. Big news has come out for the beneficiaries because the beneficiaries will get the trust fund in the year 2035. This extension has been mentioned in the report of the trustees and has been released on the official portal of the Social Security Trust Fund 2024. Now this extension is great news for all SSI and SSDI beneficiaries.
Social Security Trust Funds 2024 Extended
The Social Security Administration is a lead agency. Under which social security benefits are provided to senior citizens every month. A new amendment has come to the Trust Report, in which it is said that an extension of 1 year has been taken for the Combined Trust Funds of Social Security. Earlier there was news that the trust fund would last till 2024. But now it has been taken till 2035. If no changes have been made. So SSA will be able to give 83% benefit. And this is more than last year. There are a total of 2 different Social Security Trust Funds in 2023. Which is the Old Age and Survivors Insurance Trust Fund. And the second is the Disability Insurance Trust Fund. There will be no reduction in the DI Trust Fund for the next 75 years.
The trustees have reduced the total fertility rate from 2 to 1.9 per woman. In such a situation, the rate of disabled workers of trustees has been reduced from 4.8 to 4.5. And ultimately the GDP has increased by about 3%. Social security has increased in total outlook. So that it can contribute to different economies and programs. It will also reduce unemployment along with higher jobs and wage control. This good news is for all those senior citizens. Those who rely on fixed income. At least 50% of these are senior citizens. Those who see the difference between poverty and living with dignity. There is also a reduction of $41 million in the joint trust fund in the year 2023. In the year 2024, the annual cost has increased more than the income.
Social Security Trust Funds Shortfall 2024
- Members of Congress expressed their concern over solvency issues. The game changer will come into focus very soon.
- The solution in this fact will include multiple plans and you can ask Congress to get updates.
- People who are already receiving Social Security may get a mental check if employed part-time or self-employed.
- If you work time to get Social Security you can get higher checks starting in the early years if you’ve been making less for a long time.
- People who haven’t yet gotten their Social Security check can apply for one, and you can delay your benefits until age 70.
Social Security Trustee Report Status
| Particulars | 2023 | 2024 |
| Trust fund reserves | 204% | 188% |
| Amount at the end of peak year | $2777 | $2688 |
| OASDI Depletion | 2034 | 2034 |
| OASI depletion | 2033 | 2033 |
| DI | D | D |
| Share of OASDI | 80% | 83% |
| Year of 75 years period | 74% | 73% |
Various Sources Of Trust Fund Income
- In the year 2023, about 183 million workers will have their earnings provided under social security.
- The contribution of employees has been 6.2 percent and the maximum earning limit in the year 2024 is Rs 168600.
- Vowel employment workers were paying both the answer donations which totaled 12.4%.
- OASDI accounts for all recipients of these contributions and amounts to approximately $51 billion.
- Interest payments from the trust fund’s total reserves have generated approximately $67 billion.
Latest News On Social Security Trust Funds 2024
- As per the latest trends, the Trust Fund for Social Security has been extended by 1 year from 2034 to 2035.
- The benefit shortfall for Social Security recipients and their families would be reduced for the 180 million workers who contribute.
- The trust fund’s asset reserves held an interest of 2.4 percent in the year 2023.
- Now is the time to take action toward expanding the financial health of the trust fund for the future of Congress.
Ways To Increase Funding
- Increase payroll taxes on workers.
- Increase the income limit for taxes.
- Invest the trust fund assets in the stock market.
Ways To Reduce Funding
- Increase the full retirement age.
- Change the profit formula.
- Reduce COLA benefits.
- Increase the year for benefit calculation.