Social Security Could Face Insolvency in 6 Years.
These 3 Developments Could Accelerate That Timeline — and Here’s How to Plan Ahead
Social Security’s solvency isn’t just on a countdown clock. That clock’s picking up speed. Previously expected to last until 2033, this year’s updated calculation from the Congressional Budget Office suggests Social Security’s Old-Age and Survivors Insurance (OASI) trust fund will now be out of money by 2032, legally requiring what’s likely to be a 28% reduction in the program’s payments.
The matter isn’t necessarily etched in stone. Legislative action could shore up the shortfall. The projection is also based on current data that could change — for better or worse – in the meantime.