when is the federal goverment going to pay back the money it took out of social security?

Answer 1

Never, of course

Answer 2

Dream on fool. You've been duped again. Don't feel bad back when they said we need to pay in a little more now so we will have the cash later I bought it too.

Fact is there is no social security trust fund just a filing cabinet with an IOU stuck in it. They didn't even have that till people started asking where's the trust fund. Social Security benefits are paid out of current revenue. The only thing accomplished by paying in all the extra we've been paying in for years is the Congress had more to spend, and when the baby boomers first start to retire which is pretty soon by the way. It won't go negative quite as quickly. But make no mistake when social security starts paying in more than its collecting the government will pay the money back just as soon as they take it out of your pocket.

Better check out the "Fair Tax" and start supporting that. Otherwise, the social security portion of your with holding tax is going to be larger than your take home.

Answer 3

Many people think that Social Security tax contributions are held in individual interest bearing accounts earmarked for their retirement needs. Social Security is actually an intergenerational compact, in which the Social Security taxes of today's workers fund benefit payments for today's retirees. It is basically a pay-as-you-go system, but for the last decade, the trust funds have been building large reserves to help finance the retirement of the baby boom generation. By law, Social Security monies are invested in Treasury bonds. Social Security, in effect, loans money to the government, as does any other investor who buys Treasury bonds. And the government has always paid Social Security back with interest.

Answer 4

You have some very good answers here. One more little tidbit. Baby boomers who will become early retirees in about 1 year have also been paying social security taxes since their very first jobs, we have seen these taxes go up every year,and we have also seen the payments made to current retirees go up every year, periodically we have also seen new classes of beneficiaries. What this boils down to is the so called trust fund is going to be empty in less than 20 years and because we all had just a couple of kids each there isn't enough workers to pay the tax to keep it solvent. So will you get what paid back? Not unless you retired several years ago.

Answer 5

Age 62

Answer 6

Why do you think congress didn't want Social Security reformed. This has been their own personal piggy bank forever. Both sides of the isle are guilty on this one. Now congress wants to open SS to the illegals.

Answer 7

Since Social Security isn't a private insurance company, and since its assets are all government bonds, the question really isn't pertinent.

The Government will "pay it back" when you and I start collecting our social security pensions. And they will tax your kids to do it.

Answer 8

you are suppose to have an account with social security. So when you ask are they going to pay it back your really asking are they going to pay you. you really just have to wait and see. But i would suggest looking into other investment opportunities for your retirement.

Answer 9

they have been "borrowing" out of it for an exceptionally long term, and in fact, placed legal IOU's in it.... That they seldom pay back, or, pay a (element) of it back. Robbing peter to pay paul.... Gosh... If we had a good number of JOBS... properly, Obama does not decide for to handle that situation-

Answer 10

wake up and smell reality. there is no designated account for social security funds.

Answer 11

When Hell Freezes Over!