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Social Security Trust Fund Projected To Tap Out In 17 Years

Social Security trust fund projected to tap out in 17 years

Mulvaney: Trump wants to protect entitlements

If Congress doesn’t act soon, tens of millions of Americans will only receive about three-quarters of their Social Security benefits when they retire in the future.

In an annual report released Thursday, trustees of the government’s two largest entitlement programs — Social Security and Medicare — urged lawmakers to act quickly to assure Americans they’ll be able to get their full retirement benefits.

The trustees projected that the Social Security trust fund will be tapped out by 2034. While that projection is unchanged from last year’s annual report card, the trustees warned of persistent long-term challenges ahead if fixes aren’t made to pay for the program.

“The trajectory is still alarming,” said Tom Price, secretary of the Health and Human Services Department in a joint press conference at the Treasury Department. “The bottom line is it must be addressed.”

The latest projection doesn’t mean retirees will get nothing starting in 2034. It only means that at that pointthe program will only have enough revenue coming in to pay 77% of promised benefits.

So if you were expecting to get $2,000 a month, your payout would shrink to $1,540.

Still, the looming date is a concern to budget watchdogs.

“Social Security insolvency is no longer a problem only for future generations — without action, current workers and even current retirees will face a 23% across the board cut in just 17 years,” said Maya MacGuineas, the president of the Committee for a Responsible Federal Budget. “That is when today’s 50-year-olds reach the normal retirement age and today’s youngest retirees turn 79.”

Other groups also responded, warning lawmakers…

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