https://www.ssa.gov/myaccount/statement.html
Wanted to share this as a resource since I started doing a deep dive on the financial implications during one’s retirement years of being a homemaker earlier today in light of a new law in Florida stopping the practice of lifetime alimony.
YSK, Social Security is predicted to become insolvent in 2034.
No, it’s not.
https://www.marcumllp.com/insights/no-social-security-is-not-going-bankrupt
While the current expenditures predict, without any action, one of the funding sources for social security, the trust fund, will deplete in 2032, payroll taxes still exist.
Although the Trust Fund is projected to be depleted in 2033, Social Security will not be insolvent or bankrupt. Although it may not be able to pay 100% of the program’s cost, as it stands now, Social Security estimates it will be able to cover approximately 76% of the program’s cost due to employee and employer payroll taxes.
A simple fix – remove the cap on the ssa taxable cap. Currently, only income under $160,200 (2023) is taxed for social security. Removing, or simply raising that cap opens up solvency for decades.
That cap is one of the biggest fuck you to the public. Ohh you made too much money, ok, you don’t need to fund social security anymore.
Sure, but the US fuckin loves old people. It’s the one thing we will spend money on. Most countries spend 3x-4x more on elder services than general social services for all ages. The USA (can’t forget my homie Japan, them too) spends TWENTY times more on shit for old people. I doubt this will change until all the boomers are dead and the distribution of ages in the USA changes.
The one thing republicans and Dems will fix together is social security. Not until the last minute, of course.
We do spend 20x more on old folks, but IMO that’s mainly because we’re lacking social safety nets for those not yet of retirement age compared to most other countries.
It’s a good idea to check in on this every so often just to make sure your employers are paying their contributions too. I recall some horror stories when this this been posted before.
It’s also a massive YSK for personal data safety to make an account and set a password. Pretty much only accountants and data thieves use the site at present as most of the general public have no idea their info is just sitting there waiting to be claimed for anyone with some basic personal info that, thanks to data breaches, is not that hard to find anymore.
Apparently the SSA’s website closes for the evenings. Who would have thunk.
I ran into this as well and honestly just can’t believe it. Like, this is something my grandparent would think might happen and I’d laugh at how silly it is. Yet here we are.
I’m 99% sure it’s because the website is hooked into ancient systems that need complete control over the data to process and update. So they run that part overnight to have up to date information for the next day.
This is funny, but not true. The federal government turns off servers and electronics after business hours in accordance with power-saving measures enacted by President Jimmy Carter.
Carter installed solar panels onto the White House in the late 70s, early 80s. Reagan came in and dismantled them.
That is so much worse.
You can open a.n account online though it’s a pain in the ass. But I like to keep track so I can figure out what kind of dumpster I’ll be able to afford in retirement.
Gotta turn off the mainframe to save money!
Actually, the mouse running the wheel powering the server also needed to clock out for the night.
Have a problem with it? Take it up with the union, bub.
Is this applicable to someone who worked in US for say 5 years on H1B visa and then left the country. I know I paid social security with each of my pay check. Would I be able to get any benefit when I retire (or before)?
I believe you need 10 years to qualify for benefits, be considered disabled, or married to someone who contributed for 10 years.
