The bill increases benefits for all workers by about 2 percent, on average. (Photo of old Social Security poster: AP)
New Congressional Budget Office analysis of the Social Security 2100 Act shows the bill would delay, but not avoid, exhaustion of the two trusts that fund scheduled benefits to retirees and disabled Americans.
Under existing law, CBO projects Social Security's primary OASDI trust fund will be depleted in 2032, leading to a 24 percent reduction in benefits for all retirees in 2033.
Under the Social Security 2100 Act, the primary trust fund would survive until 2041, after which retirees would see a 5 percent reduction in benefits.
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.