Social Security trust fund could run dry earlier than expected, analysis finds
CBSN
Social Security's main trust fund could be depleted a year earlier than expected, according to a projection from the Congressional Budget Office (CBO) released earlier this month. Edited by Alain Sherter In:
Social Security's main trust fund could be depleted a year earlier than expected, according to a projection from the Congressional Budget Office (CBO) released earlier this month.
The CBO forecasts that the Old-Age and Survivors Insurance Trust Fund — one of the two funds Social Security taps to disburse benefits — will be exhausted in 2032. The agency, which provides budgetary analysis to Congress, estimated last year that the trust fund would run dry in 2033.
Although the Social Security Administration wouldn't stop administering benefits if the trust fund reserves are depleted, the agency could be forced to trim the amount it pays to beneficiaries, according to experts.
"My takeaway from all of this is we don't have much time to spare to address the shortfall," Max Richtman, CEO of the National Committee to Preserve Social Security and Medicare, a nonprofit advocacy group. "If there's not enough revenue coming in payroll taxes — and I don't see that changing — benefits are going to be cut dramatically."
The Social Security Administration did not respond to a request for comment.
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