Social security shock for Americans: Retirement trust fund could run dry by 2035, report warns
The
Social Security Board of Trustees
issued a new warning that the trust fund that helps pay retirement benefits could run out of money by 2033, potentially slashing monthly payments for future retirees, as per a report. The Social Security Board of Trustees' annual report showed that only 77% of scheduled benefits will be payable at that time, as per CNBC.
Social Security at Risk
Social Security's combined trust funds, which include the Old-Age and Survivors Insurance and Disability Insurance trust funds, are expected to have only revenue to pay scheduled benefits and administrative costs until 2034, as per CNBC. The projection indicated that 81% of the combined benefits will be payable at that time, according to the report.
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Combined Funds Face Depletion by 2034
According to CNBC, even though the combined depletion date is used to gauge Social Security's solvency, the current law restricts joining those funds, but previously Congress has authorised shifting of the funds, when there have been trust fund shortfalls.
Disability Insurance Fund Stable for Now, Medicare at Risk
The
Disability Insurance Trust Fund
will be able to pay full benefits until 2099, and Medicare's Hospital Insurance trust fund, which is associated with Medicare Part A and pays for certain health care services, will be able to pay full benefits only until 2033, reported CNBC.
Live Events
Calls for Action from Leadership
Social Security Administration Commissioner
Frank Bisignano said that the financial status of the trust funds is a 'top priority' for the Trump administration, and he also urged Congress to 'protect and strengthen' the trust funds for the millions of Americans who will rely on the program 'now and in the future,' quoted CNBC.
AARP CEO Myechia Minter-Jordan said, 'Congress must act to protect and strengthen the Social Security that Americans have earned and paid into throughout their working lives,' adding, 'as America's population ages, the stability of this vital program only becomes more important,' as quoted in the report.
FAQs
Is the Disability Insurance fund safe?
Yes. It is projected to pay full benefits until at least 2099.
Will I still get Social Security after 2033?
Yes, but unless changes are made, you might only receive around 77% of your expected benefits, as per CNBC report.
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