Social Security retirement trust fund may be depleted in less than a decade, new trustees' report finds
At that time, 77% of those benefits will be payable, according to the report.
Social Security's combined trust funds — the Old-Age and Survivors Insurance and Disability Insurance trust funds — will have enough revenue to pay scheduled benefits and administrative costs until 2034, according to the report. That is one year earlier than projected last year.
At that time, 81% of the combined benefits will be payable, according to the new projection.
"Congress must act to protect and strengthen the Social Security that Americans have earned and paid into throughout their working lives," AARP CEO Myechia Minter-Jordan said in a statement following the release of the report.
Minter-Jordan said that "as America's population ages, the stability of this vital program only becomes more important."
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