Social Security's Financial Outlook: The 2014 Update in Perspective

Alicia Munnell

Issues in Brief from Center for Retirement Research

Abstract: The 2014 Trustees Report shows little change from last year: o Social Security's 75-year deficit rose modestly to 2.88 percent of payroll. o But the deficit as a percent of GDP is still 1 percent. o And trust fund exhaustion is still 2033, after which payroll taxes still cover about three quarters of promised benefits. The shortfall is manageable but, with the deficit rising to about 4 percent in two decades, action should be taken soon to avoid larger tax/benefit changes later. And the disability insurance program needs immediate attention, as its trust fund is expected to be exhausted in 2016.

Pages: 6 pages
Date: 2014-07
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