US

Social Security Insolvency Projected 6 Months Sooner, Chief Actuary Says

The analysis cites the new law making the 2017 lower tax rates permanent and temporarily expanding deductions for older Americans.
Social Security Insolvency Projected 6 Months Sooner, Chief Actuary Says
A Social Security card sits amid checks from the U.S. Treasury in Washington on Oct. 14, 2021. Kevin Dietsch/Getty Images
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
0:00

The Social Security trust funds are projected to run out about six months earlier than previously estimated, according to a new analysis from the program’s chief actuary.

Letters sent Aug. 5 to Sen. Ron Wyden (D‑Ore.) and Rep. Steven Horsford (D‑Nev.) say the combined Old‑Age and Survivors Insurance (OASI) and Disability Insurance (DI) funds are now expected to be depleted in the first quarter of 2034, rather than the third quarter of that year as in the most recent trustees’ report.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
twitter