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These amendments also established a board of trustees. The money received by the trust funds can be used only to pay tax rate maximum taxable amount of earnings $62,700 Individuals pay into the program when they work, allowing them to receive benefits when they retire.

There are two social security trust funds These taxes are deposited in two separate trust funds—the oasi trust fund and the di trust fund If this occurs, beneficiaries could see their payments reduced by up to 21%.

At that time, it will pay out around 77% of the benefits for which recipients normally would be eligible.

The rates shown reflect the amounts received by the trust funds. Given the potential insolvency of the oasi fund and the broader fiscal uncertainty, experts strongly advise future retirees not to rely solely on social security to cover all expenses. Oasi trust fund, a social security fund data on oasi income and cost follow the summary table below. Effective january 1957, the oasi trust fund pays monthly benefits to disabled children aged 18 and over of retired and deceased workers if the disability began before age 18.

This amount is automatically adjusted as wages rise

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