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Q) What is the future solvency of Social Security?
A) Social Security faces a long term funding imbalance, not an
immediate crisis. Both the Social Security Trustees and the
Congressional Budget Office project that there will be enough money
in the Social Security Trust Fund to continue to pay full benefits
for Social Security recipients for at least the next 35 years.
Q) Do Members of Congress pay Social Security?
A) Yes. Before 1984, all federal
employees, including Members of Congress, were covered by the Civil
Service Retirement System (CSRS) which was designed as a
comprehensive system that did not include payment of Social Security
taxes. That changed in 1983, when Congress passed the Social
Security Act (P.L. 98_21). That legislation required all Members of
Congress, who were elected after 1984, to be covered under Social
Security. Today, Members of Congress do pay into Social
Security, and they do collect from it just like any other taxpayer.
Q) What other benefits are paid by Social
Security?
A) In addition to being the most reliable source
of income for many seniors, Social Security also provides spousal
benefits, survivor benefits, and disability benefits. To find
out if you qualify for these benefits, visit the Social Security
website at www.ssa.gov
Q) I received an email that read, "Which
political party took Social Security from the independent trust fund
and put it into the general fund so that Congress could spend it?"
Is the information in this email factual?
A) This email is one a few that is circulating
on the internet that contains many myths about the history of the
Social Security program. The Social Security Administration
maintains a section of their website that debunks these myths.
You can find this website at:
http://www.ssa.gov/history/InternetMyths2.html
You can also read about other Social Security myths
here:
http://www.ssa.gov/history/InternetMyths.html
For additional information and frequently asked
questions about the Social Security program, visit the Social
Security Administration's website at:
www.ssa.gov/history/hfaq.html |
