Trustees’ Report on the Health of Social Security’s Trust Fund
Seemingly lost in the clamor over the COVID-19 pandemic is the news that the Trustees of the Social Security Trust Funds have released their annual report on the financial health of this critically important earned benefit program. Based upon last year’s performance, the report’s predictions haven’t really changed much, still forecasting total depletion of Social Security’s OASI (Old Age & Survivor’s Insurance) reserves in about 2035. The Disability Insurance (DI) fund actually gained some time, now forecast to be depleted in 2065, 13 years later than the previous prediction. But, none of the predictions take into account how the economic impact of the COVID-10 pandemic will affect Social Security’s future, because that chapter is still being written as this year’s economy unfolds. Nevertheless, the report once again emphasizes that Social Security could be facing some difficult times in the not-too-distant future, as explained in this article appearing in The Gaffney (SC) Ledger. Click here to read more.
To read the Trustee’s Press Release about the Trust Fund, click here.
To see a summary of the Trustees’ Annual Report on the health of the Social Security and MedicareTrust Funds, click here.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC‘s Social Security Guarantee, click here.