The Social Security system’s retiree fund will be able to fully pay scheduled benefits until 2033, one year earlier than reported last year.
The increase is due mainly to a roughly 3% downward revision of gross domestic product and labor productivity over the projection window, the Treasury Department reported Friday.
“At that point, that fund’s reserves will become depleted and continuing program income will be sufficient to pay 89 percent of total scheduled benefits,” according to the annual report of the Medicare and Social Security trustees. Social Security’s Old-Age and Survivors Insurance Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, one year earlier than reported last year. The SS system’s Disability Insurance Trust Fund is estimated to pay all scheduled benefits through at least 2097, the last year of this report’s projection period.
“At that time, the projected fund’s reserves would become depleted, and continuing total fund income would be sufficient to pay 80 percent of scheduled benefits,” the report said. A change in law would be needed to combine the two funds, but that combined projection is often used to reflect the overall health of the Social Security program.
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