Which president first took money from Social Security?

President Lyndon B. Johnson was the first to bring Social Security "on-budget," including its trust funds in the unified federal budget in 1968, which some interpret as "taking" money, but it was a budget accounting change, with actual borrowing from surpluses starting later under President Reagan and continuing under subsequent presidents, like Bush, for general government spending, with funds invested in Treasury securities.

What presidents have borrowed from Social Security?

Every U.S. President since 1983 has, in a way, had the government "borrow" from Social Security Trust Funds by using the surplus funds, invested in Treasury securities, to finance general government operations, a practice initiated under President Ronald Reagan with bipartisan reforms, though it's often misunderstood as stealing rather than an accounting mechanism to support the overall budget. Presidents like Reagan, Bush Sr., Clinton, Bush Jr., and Obama all oversaw this process where the government pays interest on these "borrowed" funds, with the principle to be repaid as Social Security needs the money. 

What did Bill Clinton do to Social Security?

August 15, 1994 President Clinton signed legislation (H.R. 4277) establishing the Social Security Administration as an independent agency.

What did George W. Bush do to Social Security?

Bush outlined a major initiative to reform Social Security which included partial privatization of the system, personal Social Security accounts, and options to permit Americans to divert a portion of their Social Security tax (FICA) into secured investments.

What did President Johnson do to Social Security?

President Lyndon B. Johnson significantly expanded Social Security in the 1960s, most notably by signing the 1965 Amendments that established Medicare (health insurance for the elderly) and Medicaid, while also increasing benefits, broadening disability criteria, and adding coverage for other groups, though he also shifted Social Security's accounting into the general budget. 

Which President Took Money Out Of The Social Security Fund?

What president took the most from Social Security?

“Next time a Republican tells you that 'Social Security is broke,' remind them that Pres. Bush 'borrowed' $1.37 trillion of Social Security surplus revenue to pay for his tax cuts for the rich and his war in Iraq and never paid it back”.

How does someone who never worked get Social Security?

Yes, you can get Supplemental Security Income (SSI) without a work history, as it's a needs-based program for the blind, disabled, or aged with limited income and resources, unlike Social Security Disability Insurance (SSDI), which requires work credits; you just need to meet medical, income, and asset tests, not job-related contributions, according to the SSA and USA.gov. 

What did Reagan do to Social Security?

President Reagan signed major bipartisan Social Security reforms in 1983, tackling a funding crisis by gradually raising the retirement age to 67, increasing payroll taxes, and making some benefits taxable for high-income earners, while also restoring minimum benefits and reforming disability reviews, aiming to secure the system's long-term solvency.
 

What does Suze Orman say about when to take Social Security?

Suze Orman strongly advises waiting as long as possible to claim Social Security, ideally until age 70, to maximize your monthly benefit, explaining that delaying provides a significant guaranteed annual increase (around 8%) and offers crucial inflation protection for a longer retirement. While some suggest claiming at 62 and investing the money, Orman counters that most people don't invest it and end up with less income long-term, emphasizing that a higher monthly check with cost-of-living adjustments (COLAs) is a better, more secure financial tool, especially for the surviving spouse. 

What did President Nixon do to Social Security?

On July 1, 1972, President Nixon signed Public Law 92-336, a bill to extend the public debt limit. The legislation also contained amendment to the Social Security Act, raising the amount of monthly cash benefits and revising several financing provisions.

What did Jimmy Carter do to Social Security?

HEW reorganization plan published in Federal Register, creating the Health Care Financing Administration to manage the Medicare program. President Carter signed the Social Security Amendments of 1980. Major provisions involved greater work incentives for disabled Social Security and SSI beneficiaries.

What is happening on March 31, 2025 with Social Security?

At the conclusion of the transition period, on March 31, 2025, SSA will enforce online digital identity proofing and in-person identity proofing. SSA will permit individuals who do not or cannot use the agency's online “my Social Security” services to start their claim for benefits on the telephone.

What happens if Social Security runs out of money?

If Social Security's trust funds run out (projected around 2033-2035), benefits won't disappear but would be cut by about 20-23% because the system would rely solely on incoming payroll taxes, paying only what's collected, a situation expected to prompt Congress to act with solutions like raising the retirement age, increasing taxes, or cutting benefits for high earners, to prevent a major crisis for retirees, survivors, and the disabled. 

How much money does the government owe the Social Security Fund?

The government "owes" Social Security trillions because it borrowed surplus payroll taxes for other spending, creating an intragovernmental debt (like IOUs) held as U.S. Treasury securities, with estimates around $2.4 to $2.7 trillion in the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds as of late 2024/mid-2025, which must be repaid from future revenues or borrowing to pay current and future benefits. This debt is part of the larger national debt and represents future obligations that current tax collections aren't fully covering, requiring increased borrowing or reforms. 

Who owes the US the most money?

The U.S. owes the most money to its own domestic investors and government entities, holding the largest portion of its national debt, but among foreign countries, Japan is the largest holder of U.S. debt, followed by the United Kingdom and China, who consistently rank as the top foreign creditors. 

When did the federal government start taking money from Social Security?

The federal government began collecting Social Security payroll taxes in January 1937, with the first monthly benefits paid in January 1940, following the Social Security Act of 1935; however, the Trust Funds were officially created in 1939, and the government started "borrowing" surplus funds for other expenditures, treating them as on-budget, around 1969 for accounting, though actual inter-fund borrowing occurred earlier and repayment mechanisms were established later. 

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

What did Dave Ramsey say about Social Security?

Dave Ramsey's Social Security advice centers on claiming benefits at the earliest age, 62, and investing that money to grow, arguing it can outperform waiting for a larger monthly check, especially for those with sufficient other retirement savings and discipline to invest wisely. This contrasts with standard advice to delay for higher guaranteed payments, but Ramsey views Social Security as a supplement, not the main retirement income, suggesting taking the early cash flow for investment growth while focusing on building wealth outside the government system. 

Why is whole life insurance a money trap?

Whole life insurance builds cash value, but here's the catch: It can take years—sometimes over a decade—before the cash value grows into a meaningful amount. Initially, most of your premiums are allocated to fees, commissions, and insurance costs.

Did Reaganomics hurt the middle class?

The Reagan expansion years marked a period of economic progress for middle class Americans. Middle class income increased 11 percent after adjustment for inflation, while nearly 20 million new jobs were created.

How much will my Social Security go up with the Fairness Act?

The amount monthly benefits may change can vary greatly. Depending on factors such as the type of Social Security benefit received and the amount of the person's pension, some people's benefits will increase very little while others may be eligible for over $1,000 more each month.

Can two wives collect Social Security from one husband?

Yes, two wives (a current wife and an eligible ex-wife) can potentially collect Social Security benefits from one husband's earnings record, provided each meets separate criteria, like marriage duration and age, and they claim survivor or divorced spouse benefits, with each receiving the higher of their own or the spousal/survivor benefit, without reducing the other's amount. 

Who cannot collect Social Security?

People not eligible for Social Security include those who haven't worked enough to earn 40 credits, certain non-citizens, government employees in non-covered jobs (like some state/local/federal workers), retirees living in specific countries (e.g., Cuba, North Korea), and individuals with certain criminal statuses like fleeing prosecution. Ineligibility often stems from not paying into the system or falling under specific exclusion rules, even if some taxes were paid. 

What is the best age to start Social Security?

There's no single "best" age, as it depends on your health, finances, and spouse; however, waiting until age 70 maximizes your monthly benefit (up to ~30% higher than at full retirement age), while claiming at age 62 provides the earliest income but a permanently reduced amount, with your full retirement age (FRA) falling between 66 and 67 depending on your birth year. For most, delaying to age 70 makes financial sense if you expect a long life and want higher lifetime payments, especially for survivor benefits, but claiming early might be better if you have serious health issues or need immediate income.