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Social Security Reserves Projected to Run Out Earlier Than Expected
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An economic slowdown, persistent inflation and weaker productivity growth will hurt Social Security’s finances, draining its reserves one year earlier than previously estimated, the government said Friday.
Social Security won’t have enough money to pay all beneficiaries the amount they are entitled to starting in 2034, according to the latest report by the program’s trustees. Unless Congress takes action to shore up the program, beneficiaries would receive about 80% of their scheduled benefits after that point.
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