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Social Security funds depleted by 2033? Yes, says Congressional Budget Office

The cause for the funding challenge is that spending for Social Security is set to increase sharply in relation to GDP in the next decade as the large baby-boom generation retires, according to the CBO.

By Tom Gresham | January 05, 2023 at 11:20 AM

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The Congressional Budget Office projects that the Social Security trust funds would no longer have the financing to be able to pay full benefits to recipients by 2033 without adjustments to the program, according to the office’s report released in December.

The report shows that if the program continues to pay benefits as scheduled under the current law then the gap between the trust funds’ payments and income would reach zero in 2033, leaving it without sufficient balance to cover scheduled payments.

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