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The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
https://www.pgpf.org/budget-basics/how-does-social-security-work
The Social Security and Medicare Trustees released their annual reports, which show that these vital programs are on an unsustainable path.
https://www.pgpf.org/blog/2019/04/five-charts-about-the-future-of-social-security-and-medicare
The latest trustees reports make clear that Social Security and Medicare beneficiaries face substantial cuts in the near future unless policymakers take action to make these vital programs solvent.
There are numerous viable options to preserve the retirement system, including Social Security, in a fiscally sustainable way that gives families adequate time to plan and strengthens support for those who need it the most.
On average, Social Security benefits exceed Social Security taxes over an individual’s lifetime.
https://www.pgpf.org/Chart-Archive/0198_social_security_lifetime_benefits
Programs that millions of Americans depend on and care about may be feeling a squeeze from interest costs on our high and rising national debt.
Recent research has found that Social Security is more effective at reducing poverty than previously believed. Without income from Social Security, two thirds of the elderly would be considered poor.
https://www.pgpf.org/blog/2018/09/what-effect-does-social-security-have-on-poverty
The number one financial worry for Americans is having enough money for retirement — and for good reason.
https://www.pgpf.org/blog/2018/08/three-major-challenges-to-retirement-security
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
