Social Security trust funds see improvement

The Social Security Trust Fund that pays retirement benefits is expected to be depleted by 2034 — one year later than last year’s estimate — according to the annual report from the Trustees. If Congress fails to act by the time the fund is depleted, the law would automatically cut benefits for retirees by about 20% across the board. The fund distributing disability benefits is projected to be depleted by 2057. The total cost of the program has exceeded total income since 2021. The program’s financial position has improved this year due to the economic recovery over the past year, the report noted.