The primary Social Security trust fund for retirees will run out of money in 2033, one year earlier than previously estimated, according to an annual report released Tuesday.
The Old-Age and Survivors Insurance (OASI) Trust Fund, which provides benefits for retirees, will run out of money by the end of 2033, according to the report. Tax revenue will cover just 76% of its scheduled benefits after that year. The Disability Insurance (DI) Trust Fund, which provides disability benefits, is funded through 2057, eight years earlier than last year’s projection.
While the OASI and DI trust funds are administered separately, the trustees said a hypothetical combined Social Security fund would only be able to make payments until 2034, one year earlier than previously expected. The government would be able to cover just 78% of scheduled benefits.
Medicare will run out of its current funding by 2026, matching previous estimates.
Social Security funds could run out of money sooner than expected, forecast warns
- by: Thomas Barrabi
- 08-31-2021
- Source:
Fox Business
- 09/02/2021
American government approves $1.9 trillion COVID relief package by Marco Verch Professional is licensed under FLICKR Attribution 2.0 Generic (CC BY 2.0)
American government approves $1.9 trillion COVID relief package by Marco Verch Professional is licensed under FLICKR Attribution 2.0 Generic (CC BY 2.0)
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