by JoeTheEconomist
May 31, 2013 18:04 PM
The Trustees of the Social Security Trust Funds released their annual report, read summary. The online report was posted on Friday at www.socialsecurity.gov/OACT/TR/2013/.
In the 2013 Annual Report to Congress, the Trustees announced:
- The combined trust fund reserves are still growing and will continue to do so through 2020. Beginning with 2021, the cost of the program is projected to exceed income.
- The projected point at which the combined trust fund reserves will become depleted, if Congress does not act before then, comes in 2033 – the same as projected last year. At that time, there will be sufficient income coming in to pay 77 percent of scheduled benefits.
- The projected actuarial deficit over the 75-year long-range period is 2.72 percent of taxable payroll -- 0.05 percentage point larger than in last year’s report..
- Program costs are projected to exceed non-interest income throughout the remainder of the 75-year period.
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