Social Security Retirement Fund Projected to Run Out by Late 2032, Trustees Report Warns
By
Mary Whitfill Roeloffs
Slow-proofed and worth the wait. Worth its weight in flour.
Summary
A new Social Security Administration trustees report projects the Old-Age and Survivors Insurance (OASI) Trust Fund will run dry by late 2032, sooner than previously estimated. At that point, only 78% of retirement benefits would be payable unless Congress intervenes. Factors accelerating the depletion include tax cuts for seniors, lower predicted birth rates, and fewer immigrants working in the U.S., putting tens of millions of retirees' monthly income at risk.
Key quotes
· 3 pulledThe critical Social Security fund that allows the program to cover the disparity between income and beneficiary payouts is projected to run out of money in late 2032.
At that point only 78% of retirement benefits would be payable unless Congress acts to shore up the fund.
Tax cuts for seniors, a lower predicted birth rate and fewer immigrants working in the U.S. have all pushed up a predicted depletion date for an important Social Security retirement fund.
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