Social Security trust funds like the old-age and survivor insurance, which pays retirement benefits, could be depleted in February 2033, according to the latest Penn Wharton Budget Model (PWBM) at the University of Pennsylvania.
If combined with the disability insurance trust fund, the projected depletion date could be around February 2035, according to the PWBM. Social Security uses revenue from payroll taxes to pay benefits to over 70 million people every month. When benefits exceed payroll tax income, the programme then depends on the trust funds to offset shortfall.
