Outlook Brightens for Social Security as Trust Funds Last Longer According to Trustees Report
Sunday, 12 May 2024, 16:00
2024 Social Security Trustees Report: A More Positive Picture
The latest trustees report estimates the combined Social Security trust funds will last until 2035, offering 83% of scheduled benefits if no changes are made to the program.
Two Trust Funds at Play
The OASI trust fund for retired workers is struggling and projected to be depleted in 2033, while the DI trust fund for disabled workers remains stable.
- Raising Funding:
- Increase Social Security payroll taxes on workers
- Invest assets in the stock market
- Cutting Benefits:
- Raise the full retirement age
- Change the benefit formula
Stay informed about potential changes and consider your options to adapt your Social Security claiming strategy.
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.