Each year, the Social Security Board of Trustees releases its yearly report on the long-term financial outlook of the Social Security Trust Funds. The report includes projections for when those trust funds will be depleted.<\/p>\n
Social Security holds reserves in two trust funds: one for Old-Age and Survivors Insurance, and another for Disability Insurance. Both of these programs are funded by payroll taxes. When tax revenue exceeds benefit payouts, the trust funds grow; when payouts exceed revenues, they shrink.<\/p>\n
According to the Board’s recently-released report, the Disability Insurance trust fund is projected to be fully depleted in 2016. At that point, ongoing revenues are projected to pay for just 80 percent of scheduled benefits.<\/p>\n
The Old-Age and Survivors Insurance trust fund is in somewhat better shape. It is projected to be depleted in 2033, the report said, at which time revenues will pay 77 percent of benefits.<\/p>\n
These figures are based on the government’s best (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Each year, the Social Security Board of Trustees releases its yearly report on the long-term financial outlook of the Social Security Trust Funds. The report includes projections for when those trust funds will be depleted. Social Security holds reserves in…<\/span><\/p>\n