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Social Security’s finances are okay now, but the future is different
If you were to look only at Social Security’s financial status as of today, you would think the program was in very good health. As of the end of last year, the program brought in over $44 billion more than it laid out in expenses, adding that amount to reserves which now add up to a staggering $2.89 trillion dollars. But, all that is about to change. According to projections, this year - for the first time in nearly 4 decades - Social Security’s benefit payments will exceed revenue, and the shortfall will be taken from the Trust Fund, thus starting what is projected to be the case for the next 16 years. According to the Trustee’s Report, in 2034 Social Security’s Trust Fund will be depleted, unless Congress takes action soon to bring in more revenue, cut expenses, or a little of both. So, where does Social Security’s money come from and where does it go? This Motley Fool article by Dan Caplinger explains. Click here to read more.
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