Social Security’s Financial Outlook: The 2019 Update in Perspective

The brief’s key findings are:

• Contrary to media reports, the 2019 Trustees Report shows little change overall:
  • Social Security’s 75-year deficit ticked down from 2.84 percent to 2.78 percent of payroll.
  • Trust fund exhaustion moved out by one year, to 2035, after which payroll taxes still cover about three quarters of promised benefits.
• This 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.
• The Report did include one noteworthy change: a big improvement in the financial outlook for the Disability Insurance program.