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Social Security provides retirement and disability benefits to 60 million people — nearly one out of every five Americans. As the population ages and the large baby boom generation enters retirement, more and more people will be collecting benefits, while at the same time fewer workers will be paying taxes to support each beneficiary.
In its annual report, the independent trustees of Social Security warned that, absent reforms, this demographic shift will create major financial challenges for Social Security:
Social Security currently provides benefits to 59 million Americans, including retired workers, disabled workers, and their spouses and survivors. As the population ages and the large baby boom generation enters retirement, the number of people receiving benefits is expected to climb to 88 million by 2033.
Social Security faces major financial challenges. In their annual report, which was released Monday, the Trustees warn that without legislative action:
CBO projects that the federal budget deficit will increase as a share of GDP for the first year since 2009.
CBO warns that federal budget deficits will begin rising again soon, and major long-term fiscal challenges remain unaddressed.
CBO's New Budget Projection Shows More Action Needed to Tame Debt and Deficits
“The federal government’s fiscal path is unsustainable," warns the Government Accountability Office.