Social Security’s Financial Outlook: The 2024 Update in Perspective

Alicia H. Munnell

Issues in Brief from Center for Retirement Research

Abstract: The 2024 Trustees Report showed a slight drop in the 75-year deficit, but the depletion date for the retirement trust fund remains at 2033. The prospect of a 21-percent benefit cut only 9 years away should focus our attention on restoring balance to the program. Further delay has real costs: options like investing part of the trust fund in equities are disappearing as the trust fund slides towards zero; the burden of tax increases or benefit cuts fully shifts to Millennials and subsequent generations; and waiting creates a crisis, so any fix should include automatic adjustments to restore balance so we never get in this mess again.

Pages: 9 pages
Date: 2024-05
New Economics Papers: this item is included in nep-age and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:crr:issbrf:ib2024-11

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