Just in time for the program’s 82nd Anniversary, the Social Security Administration’s most recent report on the state of the Social Security trust funds shows the financial health of the system continues to improve. Despite shortfalls in policy by current lawmakers, the program remains thriving, offering benefits and financial protection for millions of America’s most vulnerable.
The Social Security trust funds took in roughly $35 billion more in 2016 than it paid out. The Social Security Disability Insurance Trust Fund in particular was found to have improved significantly, and can now pay full benefits until 2028 under currently scheduled benefits and financing – 5 years longer than indicated in last year’s report.
The Social Security trust funds were established by President Franklin D. Roosevelt in 1935 as part of a social safety net, paid for by American citizens themselves through payroll taxes. In the 82 years since its institution, the trust funds have collected approximately $20 trillion and paid out approximately $17 trillion, leaving a surplus of nearly $3 trillion for Social Security retirement and disability.
Despite Social Security’s continued solvency, proven value as the principal social protection program for Americans, and the recent positive forecast, the fund remains under constant, aggressive attack from government leaders and lawmakers. Please visit our Political Action page to contact your elected representatives, and urge them to stand up for your rights by opposing policy changes that would threaten the benefits of everyone who will one day depend on Social Security benefits to enjoy a minimum quality of life.
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