Penn Wharton study projects Social Security trust fund depletion by February 2033
By
Lorie Konish
Slightly gummy. The crust never quite set.
Summary
The Penn Wharton Budget Model (PWBM) projects Social Security's retirement trust fund will be depleted in February 2033, later than the official 2032 projection from Social Security trustees. While this gives slightly more time, Wharton professor Kent Smetters emphasizes that significant tax increases or benefit cuts are still needed to fix the system, and delaying action will only increase the required adjustments.
Key quotes
· 2 pulledWe're still talking about a pretty sizable increase that would be necessary in terms of taxes or benefit cuts going forward, and if we don't take action soon, that number just simply goes up.
Pretty sizable' changes needed to fix Social Security
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