How much money did the US collect in Social Security and Medicare taxes?
How massive is it? Since its inception, FICA has collected more than $20 trillion for Social Security and Medicare.
How much money has the government borrowed from the Social Security fund?
All of those assets are held in “special non-marketable securities of the US Government”. So, the US government borrows from the OASI, DI and many others to finance its deficit spending. As a matter of fact, as of this second, the US government currently has “intragovernmental holdings” of $4.776 trillion.
What is the current balance of the Social Security trust fund?
$2.91 trillion
A 2020 annual surplus of $10.9 billion increased the asset reserves of the combined OASDI trust funds to $2.91 trillion at the end of the year. This amount is equal to 253 percent of the estimated annual expenditures for 2021….Summary: Actuarial Status of the Social Security Trust Funds.
| 2020 report | 2021 report | |
|---|---|---|
| Amount at beginning of report year (in billions) | $2,897 | $2,908 |
Does the government owe money to Social Security?
Yes, you read that correctly. Not only is every cent the federal government has borrowed from Social Security accounted for, but the government is paying interest into Social Security, thereby improving the health of the program. In 2018, $83 billion in interest income was collected by Social Security.
How much money does the US government owe Social Security?
As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion The Trust Fund is required by law to be invested in non-marketable securities issued and guaranteed by the “full faith and credit” of the federal government.
What changes are coming to Social Security in 2022?
5 Social Security Changes Arriving in 2022
- A 5.9\% cost of living adjustment.
- The Social Security wage base is increasing.
- Full retirement age (FRA) is increasing to 67 for those turning 62 in 2022.
- You can earn more in retirement without losing early benefits.
- Medicare Part B monthly premiums will rise 14.5\%