OPINION: Prior to the economic downturn—or collapse—that we’re now experiencing, the Social Security trust fund was projected to run out of money by 2035. This has, practically overnight, gotten worse.
I’ve mentioned before that Social Security is now dipping into its reserves—the so-called “trust fund”—to pay benefits. That’s because the system isn’t taking in enough cash from payroll taxes, which is how the gargantuan Social Security program—by far the single biggest source of federal spending—is financed.Prior to the economic downturn—or collapse—that we’re now experiencing, the trust fund was projected to run out of money by 2035.
This one-two punch could mean the depletion of the trust fund sooner than 2035. How soon? Perhaps two years earlier—2033—estimates one of the country’s leading experts on Social Security, Alicia H. Munnell, the director of the Center for Retirement Research at Boston College, and a MarketWatch columnist.
That’s how Munnell’s estimated 2033 depletion estimate comes in. Two years faster than what the Social Security trustees estimated last year.
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