Social Security's looming $32 trillion shortfall


You can look at the financial health of Social Security in many ways. The official version, found in the Social Security and Medicare Boards of Trustees' annual report, is this:

Social Security's total income is projected to exceed its total cost through 2019, as it has since 1982. After 2019, interest income and money taken out of reserves will provide the resources needed to offset Social Security's annual deficits until 2034.

By then, if Congress does nothing, the federal government will collect enough in payroll taxes to pay about 75 percent of scheduled retirement benefits until 2090.

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