When Is the Social Security Asset Fund Running Out?
A social safety net is synonymous with a failsafe for many, but in the case of the U.S. Social Security system, additional action is needed to ensure it stays that way.
The annual OASDI trustees report by the Social Security Administration, covering old-age, survivors and disability insurance, shows that under the present circumstances, the asset reserve dedicated to the benefit program could be depleted sooner rather than later. Under the report’s intermediate scenario, asset funds would run out sometime in 2034, while this could happen as soon as 2031 if the administration was to shoulder a high volume of costs in the upcoming years. Under the low-cost scenario, the fund could remain solvent until 2052 or even longer, depending on the calculation. The intermediate date moved forward by one year since last year’s report as the COVID-19 pandemic seriously diminished Social Security’s income in payroll taxes.
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Author: Michael Mercurio, Esq.
Articles have been Reprinted with permission from the charlotte observer and Mike Hunter.
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