REPORT: Social Security Will Run Dry by 2035
Article from Fox Business by Brittany De Lea.
That’s according to the annual Social Security and Medicare trustees report released on Monday, which said total costs of the program, which covers the old age and disability insurance programs, will exceed income in 2020 – for the first time since 1982. That’s two years later than projected last year, but means the program will have to dip into its reserves to cover benefits at that time.
By 2035 those reserves will be depleted, and 80 percent of benefits will be payable.
In 2018, the trustees forecast that 100 percent of benefits would be covered through 2034, meaning the trust fund gained an extra year before expected depletion. However, the trustees are still urging lawmakers to take action sooner than later.
Read the entire article at Fox Business.
Image Credit: By Jericho [CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons