Will Social Security’s Trust Fund be Depleted Sooner?
We’ve been reporting for years that, lacking Congressional action to resolve the issue, the reserves held in Social Security’s Trust Fund will be depleted somewhere in the 2034 to 2035 time frame. We get that estimate each year from a report by the Trustees of Social Security, who do a thorough annual analysis of Social Security’s finances and provide a detailed report to Congress on the program’s status. The most recent Trustees’ report projected that the Trust Funds would run dry by about 2035. But that was before the economic devastation wrought by the COVID-19 pandemic. High unemployment and resulting loss of worker contributions to Social Security have added considerable additional burden to the problem, as articulated in this Forbes piece by contributor Bob Carlson. Click here to read more.