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Social Security’s Financial Outlook: The 2017 Update in Perspective

July 18, 2017
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The brief’s key findings are:

  • The 2017 Trustees Report shows very little change:
    • Social Security’s 75-year deficit rose slightly from 2.66 percent to 2.83 percent of payroll.
    • The deficit as a percentage of GDP remains at 0.9 percent.
    • Trust fund exhaustion is still 2034, after which payroll taxes still cover about three quarters of promised benefits.
  • The shortfall is manageable, but action should be taken soon to equitably share the burden among cohorts, restore public confidence, and give people time to adjust.
  • Proposed solutions range from “all benefit cuts” to “all tax increases.” For action to occur, policymakers need guidance from the public on the desired mix.
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Headshot of Alicia H. Munnell
Alicia H. Munnell
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Citation

Munnell, Alicia H.. 2017. "Social Security’s Financial Outlook: The 2017 Update in Perspective" Issue in Brief 17-13. Chestnut Hill, MA: Center for Retirement Research at Boston College.

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Topics
Social Security
Publication
Issue Brief
Publication Number
IB#17-13
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