Trustees Report: Social Security Reserves will be Depleted in 2034
Social Security reserves will be depleted in 2034, according to the 2017 Trustees report to Congress. Social Security Disability Insurance will be depleted even earlier in 2028.
Projected Social Security cost will increase more rapidly than projected non-interest income through 2037 because as baby boomers retire, there will be more beneficiaries than covered workers.
The Trustees say when Social Security runs out in 2035, OASI income will be able to cover 75 percent of OASI scheduled benefits.
In their report, the Trustees say Social Security can continue to protect future generations, if Congress addresses, “the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust to them.”