It will not unless our country has no money ever again but that will not ever happen.
Money that is collected from employees and employers via the FICA tax goes into the social security fund. The fund is "invested" completely in government bonds that pay interest to the fund. The fund pays the benefits for social security. At the present rate of pay-out and collection, the fund will run out of money in about 2040.
The problem is that even before the fund runs out of money, it will have to start cashing in its bonds and the money will have to be found from other taxes.
People who are working will have to pay more in taxes in order to pay benefits to to growing number of retired people. Benefits are not likely to be stopped but there will surely be pressure to reduce them.
Your disability benefits will continue as long as your medical condition has not improved and you cannot work. See the related link for further information.
2040
No, social security benefits are expected to run out after 2020.
In the State of Ohio, state employees do not pay Social Security. They pay into a state run pension plan.
For the money!
In some states you would actually see the postal system work but in others you would see them be worse , you just have to look at states that sort of have those things in place like in Texas insted of having social security there citizens have the choice to put there money in to a private social security run by the private sector and it actually gives more money out to the citizins when they retire then the current federal social security system that will run out in the next few years
the local social security administration office
The resources will run out before citizens reach retirement.
For the disability income insurance run by the Social Security Administration, the elimination period is five months. Source : Insurance Producer
The Social Security Retirement Planner, website www.ssa.gov/retire2/, is a government-run website that has everything you need to know about social security retirement. The site helps you plan and know how much you will be getting for retirement.
Medicaid is State-run and Federally subsidized.
The Social Security Act is still a government run program that is continued to this day.
Yes, trust funds can run out of money; they can also last indefinitely, depending upon how they are managed and how they are set up. Nobel Prizes are paid for by a trust fund set up by Alfred Nobel; there is no expectation that the fund will run out and that the prizes will cease to be awarded. But funds have to be invested, and investments can do well or badly. And even if the money in a trust fund was invested wisely, that money can still be spent. For example, trust funds are often used to safeguard money for the benefit of people who are not yet adults and who cannot be trusted to spend their money wisely while they are still minors. But once they become adults (or when they reach whatever age is specified by the terms of the trust fund) they then have access to that money and can spend it. And if they can spend it, they can use it up. Of course, you could also devise a fund that only pays the interest on the fund, and never pays out the principal. That kind of fund can potentially last a long time, but again, only if the investment decisions are wise.