Tag: trust fund depletion
Scary press reports could induce people to grab their benefits early, but don’t lead to more saving. The 2021 Trustees Report projects that Social Security’s Old-Age and Survivors Insurance (OASI) program faces a long-term financing shortfall and that the trust fund will deplete its reserves in little more than a decade, after which payroll tax…
The brief’s key findings are: Social Security’s trust fund is projected to deplete its reserves in 2034, after which ongoing revenues will cover only about three-quarters of scheduled benefits. News coverage tends to emphasize the depletion date over the ongoing tax revenues, often with alarming headlines. To gauge how such coverage could affect worker behavior,…
