Social Security Funds Will Last Until 2034: CBO
September 3, 2024 by John Manganaro
The main trust funds used to support payments of Social Security retirement benefits are set to run dry in 2034, according to the latest annual funding report published by the Congressional Budget Office.
That is one year later than the projection published last year, and it is roughly in line with what the Social Security trustees indicated in their own projections published back in May.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: We’ve all heard that the Social Security funds are going to last only about another decade.
However, I didn’t realize that “benefits would be about 23% smaller than scheduled benefits in 2035, Congressional Budget Office projects.”
Further, “payable benefits, in turn, would be about 28% smaller than scheduled benefits in 2098.”
(And if you need an income floor, you might want to consider an annuity!)
You can read more here, thanks to ThinkAdvisor. -sjm
