The Truth About Social Security That the Liberal Media Won’t Tell You
Social Security is a vital program in the United States, providing financial support to millions of Americans. It is often misunderstood, and there are several key facts that are not widely discussed in the media. Here are some important truths about Social Security that you might not know:
### What is Social Security?
Social Security is more than just a retirement program; it is a comprehensive system that includes Old-Age, Survivors, and Disability Insurance (OASDI). It is funded primarily through payroll taxes, known as FICA (Federal Insurance Contributions Act) for employees and SECA (Self-Employed Contributions Act) for self-employed individuals[1]. These taxes are collected on earnings up to a certain limit, which is $168,600 in 2024[1].
### Funding and Sustainability
Social Security has been a self-sustaining program for many years, with its trust funds growing from 1983 to 2009. However, the retirement of the baby-boomer generation has led to a decline in these reserves. Without legislative changes, the Old-Age and Survivors Insurance Trust Fund is projected to be depleted by 2033. Even if this happens, Social Security will still be able to pay about 77% of benefits from ongoing payroll taxes[1].
### Who Benefits from Social Security?
Social Security is not just for retirees; it also provides benefits to survivors of deceased workers and individuals with disabilities. For example, Social Security Disability Insurance (SSDI) supports people who cannot work due to severe medical conditions[5]. Additionally, Supplemental Security Income (SSI) provides assistance to those with disabilities who have limited income and resources[5].
### How Benefits Are Calculated
The amount of Social Security benefits you receive is based on your lifetime earnings. The formula uses your highest 35 years of earnings, adjusted for inflation, to calculate your benefit amount. If you retire early, at age 62, your benefits will be lower than if you wait until your full retirement age or later[3].
### Misconceptions and Challenges
There is ongoing debate about the sustainability of Social Security, with some arguing that it needs reform to ensure its long-term viability. However, it remains a crucial safety net for millions of Americans. Despite concerns about its future, Social Security continues to be a vital part of the U.S. social welfare system.
In summary, Social Security is a complex and multifaceted program that supports a wide range of individuals. Understanding its funding, benefits, and challenges is essential for addressing misconceptions and ensuring its continued effectiveness.
