The trust fund Social Security relies on to pay retirement benefits may be depleted in 2033, according to an annual report released by the Social Security Board of Trustees on Wednesday. That is unchanged from last year’s projections.
At that time, 77% of those benefits will be payable, according to the report.
Social Security’s combined trust funds — the Old-Age and Survivors Insurance and Disability Insurance trust funds — will have enough revenue to pay scheduled benefits and administrative costs until 2034, according to the report. That is one year earlier than projected last year.
At that time, 81% of the combined benefits will be payable, according to the new projection.
Approximately 70 million people will receive Social Security benefits this year, while 185 million individuals work and contribute to the program through payroll taxes, Social Security Administration Commissioner Frank Bisignano said in a statement.
