payroll taxes

Social Security's finances have improved slightly in the last year. But benefits are still facing an automatic cut in less than a decade unless Congress takes steps to prop up the program.

The clock is ticking to fix Social Security as retirees face automatic cut in 9 years

7:30pm May 06, 2024

by Scott Horsley

Social Security's finances have improved slightly in the last year. But the popular retirement program still faces big challenges including the threat of automatic benefit cuts in less than a decade.

A Social Security trust fund is expected to run short of cash by 2033, according to new estimates, which would potentially reduce benefits to millions of Americans who depend on the program.

Social Security is now expected to run short of cash by 2033

4:22pm March 31, 2023

by Scott Horsley

Policymakers will need to patch the Social Security program by 2033 to avoid draconian cuts in benefits, a year earlier than had been predicted. A trust fund for Medicare will run out of cash by 2031.

"No one really explains to you taxes, and contracts, and how to chase a client for that bill that they owe you — like, the nitty-gritty," says P. Kim Bui, a freelance consultant.

Economy

Going It Solo: The Complicated Financial Lives Of Freelancers

12:59pm October 03, 2018

by Yuki Noguchi

For a growing population of independent workers, the flexibility of contract work comes with the headache of dealing with taxes and other issues that employers would normally handle.

Queue Listen Now

FACT CHECK: Republican Candidates On Keeping Or Changing Social Security

5:00am March 12, 2016

by Scott Horsley

The candidates say they want to leave Social Security as it is for people who are already retired, or soon will be. But Marco Rubio and Ted Cruz have proposed changes for younger workers.