Politics & Government

February 11, 2010

Social Security surplus hit by joblessness, early retirement

Led by aging baby boomers and older workers frustrated by the tough job market, record numbers of eligible Americans started receiving Social Security retirement benefits in 2009. That came at the same time that layoffs and downsizing cut payrolls — and payroll taxes. The result: Social Security payments are cutting into a surplus that will be needed to pay benefits after 2016.

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