(Photo: Shutterstock)
Projected annual deficits of $1 trillion and more for the next decade will be driven by an increasingly aging society and the growing costs of Social Security and Medicare, according to the Congressional Budget Office's Budget and Economic Outlook for the next decade.
"The number of people age 65 or older is now more than twice what it was 50 years ago, and that number is expected to rise by about one-third by 2030," CBO's report says.
Social Security's outlays in 2019 were about $1.04 trillion. The costs are projected to surpass $1.5 trillion by 2026, and reach more than 1.92 trillion by 2030. The Old Age and Survivors Insurance program—Social Security's main pension for retirees—will cost $1.71 trillion in 2030. The Disability Insurance program will cost $213 billion.
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.
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.
