Social Security Program Overview - Social Security was established in 1935 to provide economic security for older workers, people with disabilities, and those who have lost their jobs [1] - The Social Security Administration is going paperless on September 30th, requiring direct deposit or a Direct Express card for benefit payments [2] Social Security Funding and Future - Social Security is funded by payroll taxes and interest from bonds [4][10] - Since 2021, there has been a gap between income and benefits paid, with the trust fund projected to be depleted in 2033 [4] - If the trust fund is depleted, Social Security will only be able to pay out 77% of current benefits from payroll taxes and interest [5] - Social Security does not contribute to the US deficit, as it is funded by payroll taxes (FICA taxes) split evenly between employer and worker (124%) and interest payments from bonds [10][11] Addressing Myths about Social Security - The claim that Social Security is running out of money is false, although there is a potential for reduced benefits [3][5][6] - Aging baby boomers are not the primary problem for Social Security's future [6] - Income inequality, with more people earning above the Social Security tax cap of $176,100, is a significant issue [8]

Social Security Benefits Overview - Social Security provides guaranteed income for retirees, survivors, and disabled Americans, funded by payroll taxes [1] - Claiming benefits can start as early as age 62 or as late as age 70 for maximum benefit [2] - Benefit amounts increase over time based on the cost of living, with a 25% cost of living adjustment (COLA) this year [2] Retirement Age and Planning - Full retirement age is typically between 66 and 67, depending on the year of birth [2] - Individuals born in 1960 must wait until age 67 to collect full Social Security benefits [4] - The Social Security Administration website offers calculators to estimate monthly benefits at different claiming ages [4][5] Important Changes - Social Security retirement checks are no longer issued as paper checks; direct deposit enrollment is required [3]