What You Need to Know About Social Security's Future Benefits and COLAs
Monday, 20 May 2024, 10:00
New Data on Social Security
Every year, the Social Security Board of Trustees releases a report detailing the program's status and future outlook.
Trust Fund Depletion
The Old-Age and Survivors Insurance (OASI) fund and Disability Insurance (DI) fund are facing depletion, impacting benefit payments.
Projected COLAs
Estimates suggest modest COLAs ranging from 1.8-3% until 2034, influenced by inflation rates.
Future Uncertainty
The state of trust funds may affect future benefits, with potential cuts looming if no solution is found.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.