In its annual Social Security report published yesterday, the Trustees calculated that the Social Security trust fund would continue to run a surplus until 2033, the same prediction they made in 2013.By the end of 2014, the Social Security trustees project that the Social Security trust fund reserves will total almost $2.8 trillion. In 2013, the trust fund took in $32 billion more than it paid out. But, over the next 19 years, as an increasing number of baby boomers retire, the trust fund will begin paying out more than it takes in from payroll taxes and interest.
Right now, individuals contribute 6.2 percent of their wages towards Social Security up to $117,000. Employees’ Medicare contributions, 1.45 percent of income, have no cap. Employers match employee contributions to both Medicare and Social Security.Nancy Altman, co-chair of the Strengthen Social Security campaign asks that Congress respect the will of the majority of Americans and lift the Social Security contribution cap. If wealthy Americans contributed the same share of their earnings to Social Security as average Americans, Social Security would have ample funds to guarantee Americans retirement security for the next several decades.Click here to take action and to tell Congress to expand Social Security!