From a press release:
The Social Security Board of Trustees today released its annual report on the financial status of the health of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to have enough dedicated revenue to pay all scheduled benefits and associated administrative costs until 2035, one year later than projected last year, with 83 percent of benefits payable at that time.
In the 2024 Annual Report to Congress, the Trustees announced:
- The asset reserves of the combined OASI and DI Trust Funds declined by $41 billion in 2023 to a total of $2.788 trillion.
- The total annual cost of the program is projected to exceed total annual income in 2024 and remain higher throughout the 75-year projection period. Total cost began to be higher than total income in 2021. Social Security’s cost has exceeded its non-interest income since 2010.
- The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2035. At that time, there would be sufficient income coming in to pay 83 percent of scheduled benefits. ...
8 comments:
Yes! That’s great news!!!!
The unemployment rate has been very low the last couple of years but the question is what happens when we have a string of bad employment numbers. The credit card mentality has to go and hard decisions have to be made in order for Social Security to survive.
Raise the cap and be done with it.
If democrats retain majority which is iffy based on immigration and war on gaza,they should raise taxes on wealthy corporations,individuals and find spending cuts.
It can be solved in beneficiary's favor.
Fantastic news!! Now it will be broke a whole year later.
It's good news but like the terminal cancer patient finding out he has 7 months to live instead of only 6.
550 social security isn’t going broke. It will mean a benefit cut in 2035 if nothing is done. Stop with the gloom and doom
You don’t think benefits cuts would be bad?
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