Social Security Report

A new projection for Social Security Trust Fund depletion date - 401K Specialist

The nonpartisan Congressional Budget Office (CBO) has updated its projections on the depletion date of the Social Security and Medicare Trust Funds. CBO is stating the Social Security Trust Fund is slated to be exhausted in 2032, which is one year later than CBO projected last year; however, it is still three years earlier than the 2020 Social Security trustees report. The report continued to state, “because the trust funds’ revenues are currently lower than their outlays and projected to grow more slowly than those outlays, the Social Security program has a long-term actuarial deficit.” While we wait for the Social Security and Medicare Trustees’ annual report to be released, click here to read further details on the CBO projections.

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