“Social Security Trust Funds Doing Better Than Last Year: Trustees Report”

“Social Security Trust Funds Doing Better Than Last Year: Trustees Report,” by Melanie Waddell, ThinkAdvisor 

 

Quote:

“In its 2022 Annual Report to Congress, the Trustees announced:

  • The asset reserves of the combined OASI and DI Trust Funds declined by $56 billion in 2021 to a total of $2.852 trillion.
  • The total annual cost of the program is projected to exceed total annual income in 2022 and remain higher throughout the 75-year projection period. Total cost began to be higher than total income in 2021. Social Security’s cost has exceeded its non-interest income since 2010.
  • The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2035 — one year later than last year’s projection. At that time, there would be sufficient income coming in to pay 80% of scheduled benefits.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Cold comfort. Social Security benefits drop by 23% in 13 years instead of 12.