08-31-2021-2104 - The Social Security trust fund that pays disability benefits is estimated in the report to have its reserves depleted in 2057 2033

The Social Security trust fund for retirement and survivors benefits is estimated to have its reserves depleted in 2033, one year earlier than previously projected, according to the trustees’ report released Tuesday.

At the time of depletion, income flowing to the trust fund would be enough to pay 76 percent of scheduled benefits, the report said.

Senior administration officials said on a call with reporters that the earlier projected depletion date was due to the coronavirus-related economic downturn, particularly a near-term decline in revenue.

The Social Security trust fund that pays disability benefits is estimated in the report to have its reserves depleted in 2057, eight years earlier than was estimated in last year’s report. The Social Security trust funds combined are estimated to have depleted reserves in 2034, one year earlier than had been projected last year.

https://thehill.com/policy/finance/570234-social-security-trust-fund-reserves-estimated-to-be-depleted-earlier-than

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