When will social security retirement revenues fall below the retirement benefits paid out?
820515
In 10 years, based on current estimates.\n\nAs for the general fund thing - social security receipt surpluses have always been 'borrowed' to pay for general fund outlays. That's why social security is a tax, but not an entitlement. There's a bunch of IOUs in the "lock-box". Guess who gets to pay back those IOUs?\n\nYes, WE do! More tax, isn't that great?\n\nHey, why not thank all the people who fought against Social Security reform? Gee, thanks, guys!
928222
If you're in the US, your taxes will only go down if your income does.  But there are a few things that reduce it a bit.  At 65 you get a higher standard deduction. Also, depending on your non-social-security income, none or only part (up to 85%) of your social security is taxed - this does not depend on your age.
641591
For federal income taxes, see the link below, and look at page 36 for the percentages. For social security, you'll be taxes at 7.65% until your wages total $94,200 (2006 figure). Above that level, you only pay 1.45%.\n\nFor state taxes, it would depend on your state. Find your state's web site and look for tax withholding rates or employer tax information.
820624
If you don't want to wait for the statement you can complete a form SSA7004 and send to the social security office. They will send you a statement showing what has been reported as social security wages and what your projected benefit will be under certain circumstances.\nI would strongly suggest that you compare the social security wages on this statement to the social security wages that you have reported to them each year. This annual wages subject to social security are shown on your W-2 form each year. If they have a mistake you should write to them to get it corrected as these errors will effect your future benefit.  I have caught two misstakes over the years where they were showing a lot less than the actual number.
618020
She needs to check with Social Security.  You can retire at 59 and a half, but the longer you wait, the more you receive in retirement benefits.  We all also get those statements from SS each year around our birthdays, she should save those, that'll tell her, too.
7752
No you are eligible for Social Security disabilty income.
31632
There is no law in place right now so there is really no right answer. I believe the current administration proposal is that some portion of the social security can go into private accounts, but that the investments will be regulated; you can't invest in highly speculative things like penny stocks, but can invest in high quality bonds, stock market indexes and the like.
777604
Democrats will not address Social Security disparities, they have proved this time and again. They prefer to demonize Republicans and use fear tactics as a means to scare the elderly. The honest truth is that the fund is going broke and the latest analysis shows that the fund will be operating at a deficit by 2017 with the fund being completely exhausted by 2040 without immediate adjustments in revenue. The SSI trustees estimate that in order to save SSI and preserve solvency for the next 75 years would require an immediate increase of 16% in payroll taxes, or a 31% reduction in current benefits. People ignore these numbers at their own peril. Best advice is do not count on Social Security as your primary means of retirement. Personally I am over halfway to retirement age and do plan to be able to enjoy a good quality of life when the time comes. For this reason I am investing heavily in my 401K and IRA.
213425
Apparently IRS goes by the definition stated by the Social Security.\n\n"..when your vision cannot be corrected to better than 20/200 in your better eye, or if your visual field is 20 degrees or less, even with Corrective lens.."\n\n.:Fishie:.
121220
No, alot of older conservitives don't want social security messed with, It really is a bad idea to invest in a stock market with its ups and downs. There must be an answer between that and the way it is going.
114064
This will probably disqualify you from SSI.  Outside of your home and one vehicle, there are limits on the amount of assets you can have to be eligible for SSI.  If the insurance settlement was over $2000, your SSI payments will probably be suspended until the amount left drops below $2000.  Talk to your case worker about this, because if they find out later, you will have to repay any unqualified SSI payments anyway.
527086
well apparently your taxes will be going down if you are a pensioner. You can go to the govenrment website and look at the entire budget or you could give a government office a call and ask for the budget and they'll mail it to you, i did it and i got it already
27419
The Social Security office could help you with this question much more than the "public at large" can help you.  SS has strict guidlines about people who work after retiring, all according to the age of retirement.
5741
There is no way that you can get such a lump sum pay out from the social security system because there is no such amount available.  Social security payments are derived from current workers paying into it.
137684
Social Security will be "depleted" around 2055.  Right about the time I reach retirement age >:-|.  It's not really a question of being depleted as it's not actually payed out of funds that are saved up somewhere.  Rather it comes from the tax dollars of the current workforce.  Basically, you support your parents just as they supported their parents, and later your kids will support you, their kids will support them, and so on.  The problem is that people are retiring younger and living longer.  Right now we have the baby boomers supporting the smaller generation that preceeded them, but once the boomers hit retirement we'll have a lot more money going out than coming in.  We can fix this either by increasing the money going in (i.e. raising taxes) or decreasing the money going out (i.e. cutting benefits).
23218
It depends on where you live and how much SSI you are getting. You can call your SS office and ask them.
232562
The standard (with no extenuating circumstances) is no penalty after 59 & 1/2, but it will be subject to normal income tax. One of the key questions is: "Have you been officially judged as disabled by Social Security," because if so, there are some different rules for you, and you need to check with Soc Sec at www.SSA.gov.