The difference in the SSA's and PWBM's projections comes down to how the different models account for debt-to-GDP levels. (AP Photo)
The exhaustion of Social Security's primary trust fund may come sooner than actuaries at the Social Security Administration are projecting, according to new analysis from economists at the Wharton School of the University of Pennsylvania.
The SSA's 2018 Trustee report projected the asset reserves in the Old-Age and Survivors Insurance program will run dry by 2034, at which time retirees would see a 23 percent across-the-board reduction in scheduled benefits, absent Congressional action.
But the Penn Wharton Budget Model Social Security policy simulator shows the trust fund will be exhausted by 2032.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
