WASHINGTON, D.C.-Social Security is now expected to run short of funds in 2035, according to the annual Trustees’ Report released on May 6.
Unless Congress acts soon, 83 percent of benefits will be payable in 2035, according to NBC News reporting on the projected shortfall.
The outlook for Social Security improved slightly over the past year, according to the trustees report, with the projected shortfall being pushed back a year due to low unemployment, more workers contributing to the program and high job and wage growth.
Social Security pays recipients their benefits out of two trust funds, one to pay retired workers and another to pay disabled benefits, and the 2035 depletion date applies to the combination of those trusts.
