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International Business Times UK
International Business Times UK
Niloy Chakrabarti

Social Security Trust Funds to Run Dry 1 Year Earlier Than Projected; Benefits to Drop by 19%

Social Security United States DI Insurance Frank Bisignano Disability Social Security Administration Trump Administration
Social Security trust fund expenditures continue to exceed inflows from payroll contributions and interest income. (Credit: Baltimore City Employees and Elected Officials Retirements Systems/www.bcers.org)

Last week, the Social Security Board of Trustees highlighted in its annual report that the Social Security Trust Funds, comprising Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI), will have sufficient revenue to pay 100% of all scheduled benefits and cover administrative costs until 2034, which is one year earlier than estimated last year.

Beyond 2034, the combined trust funds will have income to support only 81% of the payable scheduled benefits if Congress does not intervene, according to the Social Security Administration (SSA) press release.

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International Business Times UK
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