Coronavirus pandemic accelerated depletion by one year.
The Social Security trust fund for retirement and survivors benefits is estimated to have its reserves depleted in 2033, which is one year sooner than previously projected, according to the trustee’s report released Tuesday.
At the time of depletion, income flowing to the trust fund would be enough to pay 76 percent of scheduled benefits, the report said.
“The pandemic and its economic impact have had an effect on Social Security’s Trust Funds, and the future course of the pandemic is still uncertain,” Social Security Administration Acting Commissioner Kilolo Kijakazi said in a statement. “Yet, Social Security will continue to play a critical role in the lives of 65 million beneficiaries and 176 million workers and their families during 2021.”
The trust fund for Medicare Part A, which covers hospital care, is estimated to have its reserves depleted in 2026, but continued income would be able to pay 91 percent of scheduled benefits.
Treasury Secretary Janet Yellen in a statement said, “The Biden-Harris administration is committed to safeguarding these programs and ensuring they continue to deliver economic security and health care to older Americans.”
As the Lord Leads, Pray with Us…
- For Acting Commissioner Kijakazi as she oversees the Social Security Administration.
- For Secretary Yellen to seek God’s direction as she heads the Treasury Department.
- For members of Congress as they consider actions to support the Social Security system.
Sources: The Hill, New York Times, CNBC
