The Social Security Trustees 2020 report issued 04/22/20 projected that the trust fund backing the payments of Social Security retirement benefits would be valued at $0 in 2034. A zero trust fund does not mean the payment of Social Security retirement benefits would cease, but rather would drop to 76% of their promised levels through 2095.
The estimated short fall could be eliminated by an immediate 3.14% increase in the combined Social Security payroll tax rate (from 12.40% to 15.54%) or an immediate 19% reduction in benefits that are paid out to current and future beneficiaries, according to the same report.
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