Social Security cardsImbalance to continue until the SSA's Old-Age and SurvivorsInsurance fund is depleted in 2034, at which time scheduledbenefits to retirees would be cut 23 percent. (Photo:Shutterstock)

Social Security is about to pay out more money than it earns forthe first time in decades, according to the 2019 OASDI TrusteesReport, released today.

By 2020, obligations to retirees and disabled Americans willcost more than Social Security's revenue from payroll taxes,taxes on benefits, and interest earned on investments.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.