Retirement

No, Social Security can’t pay 80% of earned benefit after 2034😔

Recent articles and some news reports claim that after 2035 Social Security can only pay 80% of current bendfits. That is very misleading. That number reflects the combined status of the old age and disability trusts. The old age trust will be able to pay 77% of benefits.

Under the intermediate assumptions, the projected hypothetical combined OASI and DI Trust Fund asset reserves become depleted and unable to pay scheduled benefits in full on a timely basis in 2035. At the time of depletion of these combined reserves, continuing income to the combined trust funds would be sufficient to pay 80 percent of scheduled benefits. The OASI Trust Fund reserves are projected to become depleted in 2034, at which time OASI income would be sufficient to pay 77 percent of OASI scheduled benefits. DI Trust Fund asset reserves are projected to become depleted in 2052, at which time continuing income to the DI Trust Fund would be sufficient to pay 91 percent of DI scheduled benefits.

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5 replies »

  1. .

    Social Security 2100 bill… which saves SS until the year 2100 and improves it… is in the House.now, Even if it passes the House… the majority Republican Senate will try to kill it… like they have the SECURE Retirement Act which is stalled in the Senate months after passing the House…

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  2. Earned? Nothing is earned when it comes to Social Security. It is an entitlement that can be eliminated at any time with the stroke of a congressional pen.

    Politicians lie when they use the word
    earned.

    The word should be “promised”.

    Liked by 1 person

  3. If the downturn in expected SS benefits is a problem for people, they need to demand action from their elected officials. Stop being a party voter or a personality voter and elect people who will fix problems, and vote for the opposition if they fail. Forget about identity, likability and concentrate on success in the office.

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    • The problem is that politicians tell the seniors what they want to hear, BIGGER COLA’s, expanded benefits, it is not going broke but there is a surplus. Anybody who has ever balanced a checkbook can figure out it on their own that they are just vote buying. It is easier for people to believe in wishful thinking than critical thinking.

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