Social Security insolvency accelerates

The Social Security trust fund will run out of funds sooner than anticipated due to the economic impact of the pandemic. According to the 2021 report from the SSA Board of Trustees, the trust funds are projected to run out of money in 2034, which is one year earlier than forecast in last year’s report. Social Security would be able to pay 78% of projected benefits compared with 79% projected in 2020.

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