A brighter economic outlook has helped push Social Security's projected trust fund depletion date one year later. But there's still urgency for Congress to act.
A brighter economic outlook has helped push Social Security 's projected trust fund depletion date one year later.Valerie Macon | Afp | Getty Images
The Social Security trustees credited the slightly improved outlook to more people contributing to the program amid a strong economy, low unemployment and higher job and wage growth.
The trust funds help pay for benefits when more money is needed beyond what is coming in through payroll taxes. Currently, 6.2% of workers' pay is taxed for Social Security, while an additional 1.45% is taxed for Medicare. The total 7.65% is typically matched by employers. High earners may have an additional 0.9% withheld for Medicare.
The fund used to pay disabled benefits — known as the Disability Insurance Trust Fund — will be able to pay full benefits until at least 2098, the last year of the projection period.
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