Imbalance to continue until the SSA's Old-Age and Survivors Insurance fund is depleted in 2034, at which time scheduled benefits to retirees would be cut 23 percent. (Photo: Shutterstock)
Social Security is about to pay out more money than it earns for the first time in decades, according to the 2019 OASDI Trustees Report, released today.
By 2020, obligations to retirees and disabled Americans will cost more than Social Security's revenue from payroll taxes, taxes on benefits, and interest earned on investments.
That imbalance is expected to continue until the SSA's main trust fund—the Old-Age and Survivors Insurance fund—is depleted in 2034, at which time scheduled benefits would be cut 23 percent to retirees. This year's projection is inline with last year's Trustees Report.
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
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.