Social Security's actuaries have released final trust fund numbers for calendar year 2022. The Disability Trust Fund entered the year with $99 billion on hand and ended the year with $118 billion. The Retirement Trust Fund entered the year with $2.76 trillion and ended the year with $2.71 trillion on hand. Combined, the two Trust Funds entered the year with $2.85 trillion dollars and ended the year with $2.83 trillion.
So at this rate of depletion, the combined Trust Fund will run out of money in the year 2206, or 183 years from now.
ReplyDelete@9:17 Not if the House has anything to do with it.
ReplyDeleteI knew all the talk about the funds running out is just GOP BS. They want to throw out the disabled and seniors in the streets, ultimately.
ReplyDeleteLet's fix it now or 183 years from now I'll be on here telling all you that I told you so.
ReplyDelete9:17 here. While my comment is accurate based on the assumption that last year's numbers will continue into the future, we all know that isn't accurate.
ReplyDeleteIn 2021, the combined trust fund lost over $56B, or almost triple last year's numbers. That's because strong wage growth in 2022 caused higher tax amounts, while benefits were not yet adjusted for inflation.
Thanks to SS benefits getting an almost 10% bump for 2023, and the possibility of a recession looming that will depress tax totals, I wouldn't be surprised if the combined trust fund lost about $280B this year. [A 10% increase in outgoing benefits would put that number to $1,368 Billion, whereas a drop in tax revenues back to 2021 levels would be $1,088 Billion, or a net change of - $280B]
Then all those calls for emergency action won't seem like chicken little-ism. Because instead of us having enough money for 180 years, we'll only have enough for 10 years. That's how quickly things can change, especially with our population aging.
To Everyone: The combined SS Trust funs will be depleted in 2033, at which point recipients will only receive 77% of their benefits. That money would come directly from the working persons, with no buffer (Trust fund) balance.
ReplyDeleteCONGRESS has not acted; will they????
The depletion year actually 2035, with 80% payable thereafter. The figures you are quoting are from the 2021 Trustees Report, whereas the ones I noted are from the 2022 report.
DeleteIts all made up anyway. Just numbers dancing on a spreadsheet somewhere. They can put some words on paper and magically double those numbers any day of the week. It isnt real, and acting like it is some kind of Chicken Little moment just makes me laugh. You think you can change any of it? You think your anger will change the minds of a congress where not one single member will be dependent on the same funds you are? That is hilarious, they will do what they want to do, nothing we do will change it, if they want to throw us a bone, then we get a bone, they will sleep like babies while doing it. Get over the fact that you are more than you are, you have no say in this now or ever.
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