Caring Conversation | Social Security Turns 88

Social Security Turns 88!

What does every person wish for on their birthday? Another birthday! Social Security turned 88 on 8/14/23.

If Social Security is a major contributor to the success of your or your parents’ retirement plan, let’s hope SS gets its wish for many years to come. 

According to the 2023 Annual Report posted by the US Census Bureau, At the end of 2022, the OASDI program was providing benefit payments to about 66 million people: 51 million retired workers and dependents of retired workers, 6 million survivors of deceased workers, and 9 million disabled workers and dependents of disabled workers. 

Under intermediate assumptions, the projected hypothetical combined OASI and DI Trust Fund asset reserves become depleted and unable to pay scheduled benefits in full on a timely basis in 2034. At the time of depletion of these combined reserves, continuing income to the combined trust funds would be sufficient to pay 80 percent of scheduled benefits. 

The OASI Trust Fund reserves are projected to become depleted in 2033, at which time OASI income would be sufficient to pay 77 percent of OASI scheduled benefits.

Lawmakers have a broad continuum of policy options that would close or reduce Social Security's long-term financing shortfall. Estimates for many such policy options are available at ssa.gov/OACT/solvency/provisions/. 

Let’s hope future Social Security birthdays reflex options that close the shortfall.

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