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Social Security is going bankrupt and lawmakers plan to save it

A report released at the end of June by Social Security Administration (SSA) trustees suggests that some of its trust funds will be tapped out by 2034 unless changes are made to how benefits are paid out very soon. While they acknowledged that the benefits program won't cease to exist, they did note that millenials should expect to receive a quarter less of the benefits that they may have originally anticipated receiving when they came of age.

The report also captured how the SSA increased its taxable earnings amount from $127,200 in 2017 to $128,400 this year. The highest benefit that they reported having paid out on a monthly basis this year was just shy of $2,800.

Also discussed in the report is how Social Security serves as a type of retirement benefit plan for many Americans. In fact, SSA data shows that it accounts for 40 percent of an average worker's income during their post-employment years.

As of May, an estimated 59 million people received SSA benefits. All but 14 million who did are 65 plus. The average individual who receives monthly benefits gets $1,366.

Legislators are currently considering numerous options for preserving the Social Security program. Two of the most widely received ideas include increasing payroll taxes and removing taxable earning caps. Others are considering allowing more people such as immigrants to pay into the system or to count more employee benefits as part of an individual's work history.

Claimants who file an application to receive benefits from the SSA often have their requests denied on the first attempt. A St. Louis attorney may be able to guide someone with serious impairments toward receiving disability benefits on his or her first attempt.

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