The Social Security Administration is on track to collect a record $8.4 trillion over the next 30 years, more than twice what it was just a decade ago.
The money will be put toward the costs of covering the nation’s retirees, including paying Social Security benefits and payments to the elderly.
The amount is far greater than the $7.9 trillion in Social Security Disability Insurance payments, which were already projected to hit $7 trillion in 2022.
In other words, the government is going to be spending more money on retirees over the coming decades than the nation has been spending on the elderly since the 1970s.
The SSA also expects to spend $1.3 trillion more on Medicare benefits in 2022 than it was expected to.
And it expects to collect $2.4 billion more in Medicare payments than it did in 2021.
The SSS will be collecting about $5,500 more than it’s budgeted to each year from the Medicare Trust Fund.
The new numbers also reflect the growing cost of the retirement system.
The retirement program pays for about 20 percent of the total cost of Medicare.
The Social Services Administration estimates that the Medicare trust fund will have to raise some $1 trillion in the next decade to keep pace with inflation.
And as the number of retirees grows, that money has to be spread out over a larger population of beneficiaries.
That means Social Security will have less money available to pay retirees.
That’s bad news for the program.
A retiree who makes $80,000 a year will spend more than $3,000 more on Social Security in 2022 because Social Security has to pay for about a quarter of the cost of his or her benefits, according to the Congressional Budget Office.
It also means that many seniors will see their benefits cut because they don’t have enough money to cover the cost.
The program’s funding shortfall could put pressure on Congress to consider some form of tax increase to raise the money.
In the end, it’s a bad deal for both parties.
But it’s an important one for those who support Social Security.
“There’s a good reason why it’s been a very popular program for decades,” said Jim Togar, an economist at the conservative Heritage Foundation.
“If you think about it, you’re paying about the same amount in taxes today for someone who retired at age 70, which is a lot.
You don’t pay any more.
It’s just a different set of rules for Social Security.”
The SAA also says it has a more efficient system for collecting the payments, allowing it to save more money.
It has more than 20 percent fewer employees than it used to, and it has less administrative costs.
And in the short run, it also is more efficient.
The average Social Security beneficiary pays a Social Security payroll tax of 0.2 percent on average, compared to 0.7 percent today, according the SSA.
The agency says it collects about 60 percent of its revenue from the payroll tax.
But since the Social Security system is supposed to be paid for by the private sector, it does not have to collect that portion of its revenues through payroll taxes.
Instead, it collects revenue from a variety of sources, including fees and fees imposed by state and local governments and other sources, like property taxes.
The IRS is also supposed to collect taxes on payrolls, but it only collects about 25 percent of Social Security’s revenue.
“The federal government doesn’t collect anything, except Social Security taxes,” said Peter Hirsch, a senior fellow at the right-leaning American Enterprise Institute.
“We have to make up for that.”
The problem is compounded by the fact that the SAA doesn’t have the ability to use the money it collects to cover all of its retirement obligations.
So, it doesn’t know what it will do with the money, which has to go somewhere.
It is currently projected that the total amount of payroll taxes collected by the SSS in 2022 will be about $719 billion.
And even if it was able to pay the entire amount, that would still leave the Sss in the hole of having to raise about $1,400 billion a year from a general fund that is already underfunded by the current fiscal year.
“They’re not going to spend that money because they’re not sure what the priorities are going to look like,” said Toger.
“So we have to figure out how to do things a little differently, so that we can fund them as they are.”
And that means some cuts to Medicare benefits.
The Medicare Trust fund, the largest source of funding for the retirement program, already has to raise a record amount from Congress each year.
As a result, the Ssa says it is on the hook for $4.4 million more each year in future payments.
That money would be offset by the savings the agency would make by reducing payments to beneficiaries who are disabled.
“But the fact of the matter is that in the meantime,