Social Security retirement trust fund projected to be depleted by 2032, trustees report says
By
Lorie Konish
A respectable bake. You'd come back tomorrow for another.
Summary
A new Social Security trustees report projects that the retirement trust fund (OASI) may be depleted by 2032, meaning incoming payroll taxes would only cover about 77% of scheduled benefits. The report highlights that when payroll tax revenue falls short of benefit payments, the program relies on trust funds to cover the gap. While current law prohibits combining the OASI trust fund with the disability insurance trust fund, Congress could authorize such a transfer, though it would effectively shift money from disability beneficiaries to retirees, survivors, and dependents.
Key quotes
· 2 pulledWhile current law prohibits combining the trust funds, Congress may authorize shifting money to cover benefit payments in the event of shortfalls.
Combining the trust funds would require taking money from beneficiaries with disabilities and putting it toward OASI beneficiaries, who include retirees, survivors and dependents, according to Shai Akabas, vice president of economic policy at the
You might also wanna read
Social Security retirement trust fund depletion projected for late 2032, three months earlier than prior estimate
The Social Security Administration's annual trustees report projects that the retirement trust fund may be depleted by late 2032, three mont
cnbc.com·4h ago
Social Security Trustees Report Warns of 2034 Trust Fund Depletion, Urges Congressional Action
The Social Security Trustees report warns that combined retirement and disability trust fund reserves will be depleted by 2034, leading to a
ncpssm.org·5h ago
Rachel Reeves faces political uncertainty despite progress on UK economic rebalancing
Rachel Reeves, the UK Chancellor, delivered an upbeat speech about boosting jobs and growth along the "OxCam corridor," but faces political
theguardian.com·2d ago
SEC Places Crypto at Center of Five-Year Strategic Roadmap Through 2030
The U.S. Securities and Exchange Commission (SEC) has placed digital assets and blockchain technology at the center of its five-year strateg
techgaged.com·5d ago
Treasury Secretary Prepares Banks for Mandatory Citizenship Data Collection
Treasury Secretary Scott Bessent is preparing U.S. banks to collect citizenship data from customers, stating that if banking regulators mand
cnbc.com·1mo ago
Dutch Government Proposes New Capital Growth and Capital Gains Taxes in Box 3 Reform
The Dutch government has introduced a new bill called the 'Actual Return on Investment in Box 3 Act' that reforms taxation of income from as
kpmg.com·6mo ago