ANALYSIS: Where 2024 Presidential Candidates Stand on Social Security

The Social Security Administration announced in March that the taxpayer-funded trust will run dry by 2033. According to the annual report released by the Social Security Board of Trustees in March, around 66 million people were receiving monthly Social Security benefits, funded by an estimated 181 million workers who pumped $1,107 billion into the trust fund through their payroll taxes by the end of 2022. However, the money being paid out of the fund is 80 percent higher than the revenues coming in. In 2023, employees contributed 6.2 percent of their earnings up to a maximum of $160,200. Their employer matches those funds. Those who are self-employed contribute both shares or 12.4 percent. Over 40 percent of Social Security recipients currently pay income taxes on a portion of their benefits, which in turn go to the OASDI trust funds as well as Medicare’s Hospital Insurance Trust Fund....