{"id":21811,"date":"2024-05-06T21:44:19","date_gmt":"2024-05-06T21:44:19","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/05\/06\/social-security-retirement-fund-will-run-dry-in-2033-trustees-report\/"},"modified":"2024-05-06T21:44:19","modified_gmt":"2024-05-06T21:44:19","slug":"social-security-retirement-fund-will-run-dry-in-2033-trustees-report","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/05\/06\/social-security-retirement-fund-will-run-dry-in-2033-trustees-report\/","title":{"rendered":"Social Security Retirement Fund Will Run Dry in 2033: Trustees Report"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/895983446\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2024\/05\/Inflation_Dissolve_Money_Adobe_640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2024\/05\/Inflation_Dissolve_Money_Adobe_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Fichtner said the political impasse is leading Americans towards an automatic&nbsp;across-the-board&nbsp;benefit cuts of&nbsp;over&nbsp;20% when the&nbsp;Old-Age&nbsp;and&nbsp;Survivors Insurance trust fund runs dry.<\/p>\n<p>\u201cOnly&nbsp;pragmatic, bipartisan policymaking can prevent&nbsp;these cuts,\u201d Fichtner said.<\/p>\n<p><a href=\"https:\/\/www.thinkadvisor.com\/2024\/04\/16\/critics-continue-fight-against-two-unpopular-social-security-provisions\/\" target=\"_blank\" rel=\"noopener\">Nancy Altman<\/a>, president of&nbsp;Social Security Works, echoed that warning in her own written statement, though she highlighted some bright points in the new projection.<\/p>\n<p>\u201cDue to robust job growth, low unemployment and rising wages, more people than ever are contributing to Social Security and earning its needed protections,\u201d Altman said. \u201cAs a result, Social Security can pay all promised benefits until 2035, one year longer than projected in last year\u2019s report, and 83% of benefits thereafter, also an improvement over last year \u2014 even if Congress takes no action whatsoever.\u201d<\/p>\n<p>Other data in the new report shows the asset reserves of the combined trust funds declined by $41 billion in 2023 to a total of $2.788 trillion. The total annual cost of the program is projected to exceed total annual income in 2024 and remain higher throughout the 75-year projection period. Total costs began to be higher than total income in 2021, while Social Security\u2019s cost has exceeded its non-interest income since 2010.<\/p>\n<p><em>Image: Adobe Stock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fichtner said the political impasse is leading Americans towards an automatic&nbsp;across-the-board&nbsp;benefit cuts of&nbsp;over&nbsp;20% when the&nbsp;Old-Age&nbsp;and&nbsp;Survivors Insurance trust fund runs dry. \u201cOnly&nbsp;pragmatic, bipartisan policymaking can prevent&nbsp;these cuts,\u201d Fichtner said. Nancy Altman, president of&nbsp;Social Security Works,&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/05\/social-security-retirement-fund-will-run-dry-in-2033-trustees-report.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21811"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21811"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21812"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}