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Social Security’s Looming Funding Crisis: A 2024 Analysis of the Trustees’ Report

Social Security’s Looming Funding Crisis: A 2024 Analysis of the Trustees’ Report

Social Security’s Looming Funding Crisis: A 2024 Analysis of the Trustees’ Report The Social Security Administration’s annual report, released in 2024, projects a concerning depletion of the Old-Age and Survivors Insurance Trust Fund (OASI) by 2033. This projection remains unchanged from the previous year’s assessment. At this point, the report indicates that only 77% of scheduled benefits will be payable. The combined OASI and Disability Insurance (DI) trust funds are projected to be able to cover scheduled benefits and administrative…

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Social Security Solvency: Accelerated Depletion and the Impact of Recent Legislation

Social Security Solvency: Accelerated Depletion and the Impact of Recent Legislation

Social Security Solvency: Accelerated Depletion and the Impact of Recent Legislation The Social Security Administration’s latest trustees’ report reveals a concerning acceleration in the depletion of its trust funds. While the report indicates sufficient funds to cover 100% of scheduled benefits until 2033 (a one-year reduction from last year’s projection), the long-term outlook remains precarious. Without Congressional action, benefit cuts are inevitable. After 2033, the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to cover approximately 81% of scheduled…

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