Social Security’s Financial Outlook: The 2022 Update in Perspective
The brief’s key findings are:
- The 2022 Trustees Report has no real news about Social Security’s overall future.
- The 75-year deficit inched from 3.54 to 3.42 percent of taxable payrolls, and
- the trust fund depletion date moved back one year – from 2034 to 2035.
- Interestingly, a lower assumed disability incidence rate allows the DI trust fund to pay full benefits for the next 75 years.
- And, given today’s inflation, it’s worth stressing that Social Security COLAs protect retirees against rising prices.