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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Wednesday, May 13, 2009

Social Security Projected to Go Bust in 2037

Social Security Trust Funds Projected to Go Bust by 2037Over the years, I'm sure you've been told many times that you shouldn't rely on Social Security to take care of you when you are old, tired and done with working. Today's news from the Social Security Administration (SSA) seems to bear that out.

By 2016, SSA programs will cost more than the taxes we all pay to keep them going. Moreover, by 2037, it's now projected that SSA coffers will contain nothing but dusty cobwebs. Here's a clip from the SSA press release:

"...The Social Security Board of Trustees today released its annual report on the financial health of the Social Security Trust Funds. The Trustees project that program costs will exceed tax revenues in 2016, one year sooner than projected in last year’s report. The combined assets of the Old-Age and Survivors, and Disability Insurance (OASDI) Trust Funds will be exhausted in 2037, four years sooner than projected last year. The worsening of the long-range outlook for the Social Security program is due primarily to the recent economic downturn and faster reductions in mortality than previously assumed..."

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