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.
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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.
