Wharton model projects Social Security trust fund depletion in February 2033, slightly later than official estimate
By
Lorie Konish
All dough, no crust. Filling but forgettable.
Summary
The Penn Wharton Budget Model (PWBM) projects Social Security's retirement trust fund will be depleted in February 2033, later than the official 2034 estimate from Social Security trustees. While the later date offers slightly more time, Wharton professor Kent Smetters warns that significant tax increases or benefit cuts are still needed to fix the system, and delaying action will make the required adjustments larger.
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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