From the report by Social Security's Trustees on the state of the trust funds:
- ... The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, unchanged from last year’s report. At that time, the fund’s reserves will become depleted and continuing program income will be sufficient to pay 77 percent of total scheduled benefits.
- The Disability Insurance (DI) Trust Fund is projected to be able to pay 100 percent of total scheduled benefits through at least 2099, the last year of this report’s projection period. Last year’s report projected that the DI Trust Fund would be able to pay scheduled benefits through at least 2098, the last year of that report’s projection period.
- If the OASI Trust Fund and the DI Trust Fund projections were combined, the resulting projected fund (designated OASDI) would be able to pay 100 percent of total scheduled benefits until 2034, one year earlier than reported last year. At that time, the projected fund’s reserves would become depleted, and continuing total fund income would be sufficient to pay 81 percent of scheduled benefits. (The two funds could not actually be combined unless there were a change in the law, but the combined projection of the two funds is frequently used to indicate the overall status of the Social Security program.)
- Although the OASI Trust Fund depletion year remains the same, both the OASI and OASDI depletion dates advanced by about 3 calendar quarters, relative to last year’s projection. ...
The change in the depletion date is because of the effects of the WEP/GPO repeal.
7 comments:
Wait until the effects of the massive indiscriminate deportation of Latinos kick in.
I do not expect that the Trust Fund will ever be depleted. Congress, in its own way, reacts only to a crisis. My guess is that sometime after the next five years, when this Administration is gone, that a reasonable compromise will be reached, probably involving a slow increase in retirement age, increase in the cap on earnings, and, if sane heads prevail, some adjustments in the benefit formula to make the impact less significant to lower earners. The sad part is that everyone has known the issue for decades and everyone has known the choices for decades but there has been a complete lack of political will to reach any kind of agreement. As a result, when the compromise is reached, the changes will be more jarring. For example, a raise in the cap, or complete elimination, if it had been done 20 years ago, would have eliminated nearly all of the shortfall and now it will only solve a little more than half the problem if delayed for another five years. That is what will necessitate the other changes like raising the retirement age or adjustments in COLA and PIA calculations.
We get what we vote for.
It was absurd to repeal GPO for federal employees who were already receiving a generous CSRS pension based upon their federal service.
They can now file for SSA spouse/divorced spouse benefits and receive 1/2 of their spouse's PIA . Before the repeal, there was no point in filing because their SSA spouse's benefits would be reduced to zero due to GPO.
“ The change in the depletion date is because of the effects of the WEP/GPO repeal.”
lol of course it is. The “fuck you, I got mine crowd” looking happily smug now with their extra couple hundred dollars a month off the backs of people poorer than them. Take from the poor and give to the rich, it’s the American way!
This is what happens when one gives out handouts to WEP/GPO recipients. The trust fund situation is only going to get worse with mass deportations, a horrible economy, AI and a low birth rate. This Congress will not rescue the program since they couldn’t hit water if they fell off of a boat. Retirement for many just went out the window.
Another gift from Joe Biden and Martin O’Malley
Makes zero sense.
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