Social Security Trust Funds 2024 Extended, Know Updates For SSI, SSDI & VA

For all the Social Security recipients a great news has come regarding the Social Security Trust Funds 2024 Extended. The news had earlier come that the trust funds would end in 2034 and from the next year after that no support will be given. But now a sigh of relief is there as the beneficiaries will get the Trust Funds till the year 2035. This extension has been mentioned in the report of the trustees and has been released on the official portal of ssa.gov Now this extension is great news for all those getting the SSI and the SSDI beneficiaries. 

Social Security Trust Funds 2024 Extended

The Social Security Administration is the major agency which has been providing Social Security benefits to the seniors every month. The new amendment has come in the trust report which says that the Combined Trust Funds of the Social Security has taken an extension of 1 year. Earlier there was a news that the trust funds will last till 2034 but now the extension has taken it to 2035. The SSA will be able to give 83% of the benefits if no changes have been made and this is higher than that of the year 2023. There have been a total of 2 different Social Security Trust Funds which are the Old Age and the Survivors Insurance Trust Funds and the other is the Disability Insurance Trust funds. The DI trust funds will not take any depletion in the next 75 years. 

The trustees have reduced the Total Fertility Rate from 2 to 1.9 per woman. The trustees have reduced the disabled workers incidence rates from 4.8 to 4.5 and lastly the GDP has been increased to about 3%. The Social Security Trustees have increased the total outlook so that more people can contribute to the economy and the programs and this will reduce the unemployment too along with having higher jobs and the wage control. This good news is for all those seniors who rely on fixed income and it has at least 50% of the seniors who see the tiff in poverty and living with dignity. The combined trust funds have also been decreased by $41 million in the year 2023. The annual cost has increased more than the income in the year 2024. Through this post you will get all the details on the Social Security Trust funds along with the impact it will have on the SSI, SSDI and VA benefits.

Social Security Trust Funds 2024 Extended

Social Security Trust Funds Shortfall 2024

  • The members of the Congress have provided their concern over the solvency issues. This game changer will come into focus very soon.
  • The solution to this fact will include many plans and to get the updates, you can ask the Congress.
  • The ones who are already getting Social Security could get the monthly checks if they are part time employed or are self employed.
  • If you work while getting Social Security, you can get higher checks if you have been working for a long time and have started in the initial years.
  • Those who have not yet made their Social Security checks till now can make the application for the same and you can delay your benefit till the age of 70 years.

Social Security Trustee Report Status

Particulars 20232024
Trust fund reserves 204%188%
Amount at the end of peak year $2777$2688
OASDI Depletion20342034
OASI depletion 20332033
DIDD
Share of OASDI80%83%
Year of 75 years period74%73%

Various Sources Of Trust Fund Income

  • In the year 2023, around 183 million workers will have been provided with their earnings covered under Social Security.
  • The employees contribution has been 6.2% and the maximum earnings limit is $168600 in the year 2024.
  • The self employed workers were paying both the contributions making it a total of 12.4%
  • The OASDI kept all the recipients of these contributions and this has become around $51 billion.
  • The trust funds have earned around $67 billion in the interest payments from the total reserves.

Latest News On Social Security Trust Funds 2024

  • As per the latest trends, there has been a 1 year of the extension in the trust fund for the Social Security which has become from 2034 to 2035
  • The shortfall in the benefits will be reduced for the Social Security recipients and the 180 million workers and their families who have made their contributions.
  • The trust fund assets reserves earned the interest of 2.4% in the year 2023.
  • Now it’s the time that the Congress should take the actions towards the extension of the financial health of the trust funds for the future.

Ways To Increase Funding

  • Increase the payroll taxes for the workers
  • Increase the income limits for the taxes
  • Invest the trust fund’s assets in the stock market.

Ways To Reduce Funding

  • Increase the Full Retirement Age
  • Change the benefit formula
  • Reduce the COLA benefits
  • Increase the years for the benefit calculation.

Links On Social Security Trust Funds 2024 Extended

Social Security Trust Funds 2024 ExtendedSocial Security Trust Funds 

FAQs On Social Security Trust Funds 2024 Extended

What has been mentioned in the Social Security Trust Funds 2024 Extended?

The year for the depletion of the Trust Fund has been extended to 2035.

In which year were the Trust Funds of Social Security to be vanished?

The trust funds were to be depleted in 2034 earlier.

What are the 2 types of the Trust Funds?

The trust funds are the  Old Age and the Survivors Insurance (OASDI) Funds and Disability Insurance (DI) funds.

How can you reduce the funding?

If you reduce the COLA benefit or increase the income years, you could reduce the fundings. 

How much will be the share of OASDI in 2024?

83% will be the share of OASDI in 2024.

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Editorial Team at Ptetdcb2020.com is a team of Finance, Monetary, Economy experts Headed by Mr Josh Buck with over 7 years of expertise in International Finance, Funds, Finance, Capital, Commerce & Business News. Ptetdcb2020.com is now the largest free Financial News resource portal.