{"id":9423,"date":"2022-06-21T18:56:57","date_gmt":"2022-06-21T22:56:57","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=9423"},"modified":"2022-06-21T18:59:17","modified_gmt":"2022-06-21T22:59:17","slug":"social-securitys-surplus-gets-a-respite-new-report-predicts","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=9423","title":{"rendered":"Social Security&#8217;s surplus gets a respite, new report predicts"},"content":{"rendered":"<div id=\"caas-content-body\">\n<div id=\"content-wrapper\">\n<div id=\"module-article\">\n<div id=\"caas-art-8fd488a1-2b77-41fe-b42e-b446a212ed76\" class=\"caas caas-cc money enableAdSlotsOneSlot enableLiveConfig enableSingleSlotting enableSlideShowKV enableVideoDocking enableVideoThirtyView enableXrayEntityAboutFacts exposeYctIds noRapidClickClass removeDuplicateImage showCommentsIconInShareSec slideshowv2 caas-click-attached\" data-assets=\"[]\" data-cobrandname=\"\" data-device=\"desktop\" data-i18n=\"{&quot;{0} min&quot;:&quot;{0} min&quot;,&quot;{0} min read&quot;:&quot;{0} min read&quot;,&quot;{0} mins read&quot;:&quot;{0} mins read&quot;,&quot;{0} Views&quot;:&quot;{0} Views&quot;,&quot;{0} followers&quot;:&quot;{0} followers&quot;,&quot;{0} symbols&quot;:&quot;{0} symbols&quot;,&quot;{0} at {1}&quot;:&quot;{0} at {1}&quot;,&quot;360_TITLE&quot;:&quot;The 360&quot;,&quot;Ad&quot;:&quot;Ad&quot;,&quot;AD_PLACEHOLDER_TEXT&quot;:&quot;Advertisement&quot;,&quot;AND&quot;:&quot;and&quot;,&quot;AR_INLINE_FALLBACK&quot;:&quot;This story has augmented reality! 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accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen data-no-lazy=\"1\" data-skipgform_ajax_framebjll=\"\"><\/iframe><\/div><\/figure><\/span><\/div>\n<div><\/div>\n<div class=\"separator-ext\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">The reserve funds for Social\u00a0 <\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">Security and Medicare programs will last longer than previously thought \u2014 thanks to a faster and stronger-than-expected recovery from the 2020 pandemic-induced recession.<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"caas-body\">\n<p>The main Social Security trust fund will continue paying out full benefits through 2034, according to the annual report released Thursday from the trustees of the programs. That\u2019s one year later than what was stated in the 2021 report.<\/p>\n<p>Meantime, a key Medicare trust fund could run low on funds by 2028, two years later than reported last year.<\/p>\n<p>Despite the modest improvement, Social Security and Medicare both face long-term financing shortfalls under currently scheduled benefits and financing.<\/p>\n<p><strong><a href=\"https:\/\/money.yahoo.com\/social-security-surplus-last-longer-003831431.html\">Read on Yahoo Money<\/a><\/strong><\/p>\n<p>\u201cThe robust economic recovery from the pandemic has avoided some of the worst-case scenarios that some of us had feared,\u201d Shai Akabas, director of economic policy at the\u00a0<a class=\"link \" href=\"https:\/\/bipartisanpolicy.org\/\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:Bipartisan Policy Center\" data-rapid_p=\"9\" data-v9y=\"0\"><ins>Bipartisan Policy Center<\/ins><\/a>, told Yahoo Money. \u201cBut this report largely reaffirms what we&#8217;ve known for many years, which is that significant financial challenges face the programs, and policy makers need to take action.\u201d<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\">\n<div>\n<div class=\"caas-img-container\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>The costs of both programs will grow faster than gross domestic product (GDP) through the mid-2030s primarily due to the rapid aging of the U.S. population, according to the report\u2019s authors. Medicare costs will continue to grow faster than GDP through the late 2070s \u201cdue to projected increases in the volume and intensity of services provided,\u201d they wrote.<\/p>\n<p>In 2034, the Social Security fund&#8217;s reserves will become depleted, but there is expected to be enough payroll taxes coming in for workers to pay out 77% of scheduled benefits. For Medicare the fund&#8217;s reserves will become depleted in 2028 and continuing total program income will be sufficient to pay 90% of total scheduled benefits, the same year as last year&#8217;s report.<\/p>\n<p>\u201cSurveys show that a significant portion of the population doesn&#8217;t believe that they&#8217;re going to receive Social Security benefits, those people are mistaken\u201d Akabas said. \u201cThe program is not going away.\u201d<\/p>\n<p>Additionally, the Disability Insurance (DI) Trust Fund, which pays disability benefits, is no longer projected to be depleted within the 75-year projection period, according to this year\u2019s report. Last year&#8217;s report projected that it would be able to pay scheduled benefits only until 2057.<\/p>\n<p>The report authors assume that the pandemic will have no net effect on their long-range projections, however, assumptions for the report were set in mid-February 2022.<\/p>\n<p>\u201cDevelopments since then have added to the uncertainty regarding the path of the COVID-19 pandemic and the economy in the near-term,\u201d according to the authors.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container noheight\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>Fear of the program\u2019s depletion has been a worry for years.<\/p>\n<p>&#8220;When I was young, I was constantly told that Social Security wouldn&#8217;t be there for me,\u201d Nancy J. Altman,\u00a0<a class=\"link \" href=\"https:\/\/socialsecurityworks.org\/2017\/04\/18\/nancy-altman\/\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:president\" data-rapid_p=\"11\" data-v9y=\"0\"><ins>president\u00a0<\/ins><\/a>of\u00a0<a class=\"link \" href=\"https:\/\/socialsecurityworks.org\/\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:Social Security Works\" data-rapid_p=\"12\" data-v9y=\"0\"><ins>Social Security Works<\/ins><\/a>, told Yahoo Money. \u201cI&#8217;m now 72 years old, and it&#8217;s my children and grandchildren who are told that they won&#8217;t get their Social Security. Social Security&#8217;s opponents want to undermine confidence in the program. They imply to people (especially young people) that they will get nothing at all from Social Security, in the hopes of convincing them to accept less.\u201d<\/p>\n<p>\u201cThe truth is that Social Security will be there for all of us,\u201d Altman said. \u201cCongress has never allowed benefits to be automatically cut. Doing so would be political suicide.\u201d<\/p>\n<p>But the issue has repeatedly been kicked to the back-burner.<\/p>\n<p>\u201cPolicy makers have let the financial shortfall in this program go unaddressed,\u201d Akabas said. \u201cWe are just over a decade away from when the main trust fund will deplete its reserves. We should have started these reforms yesterday.\u201d<\/p>\n<p>Any reforms that are put into place will take time to phase in and make an impact. \u201cThe sooner policy makers act, the more confidence that savers and retirees can have that their benefits won&#8217;t won&#8217;t be slashed overnight,\u201d he said.<\/p>\n<header class=\"caas-header\">\n<header class=\"caas-title-wrapper\">\n<h1 data-test-locator=\"headline\"><a class=\"link caas-attr-provider-logo\" title=\"\" href=\"https:\/\/money.yahoo.com\/\" data-ylk=\"sec:logo-provider;elm:logo;slk:Yahoo Money;g:\" data-rapid_p=\"6\" data-v9y=\"1\"><img decoding=\"async\" class=\"caas-img\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/ZPNt8bYEuYFCMnZJ4L6D0w--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTIyNDtoPTQ4\/https:\/\/s.yimg.com\/os\/creatr-uploaded-images\/2021-03\/d9645480-7d32-11eb-9eef-9b703aa57102\" alt=\"Yahoo Money\" data-src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/ZPNt8bYEuYFCMnZJ4L6D0w--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTIyNDtoPTQ4\/https:\/\/s.yimg.com\/os\/creatr-uploaded-images\/2021-03\/d9645480-7d32-11eb-9eef-9b703aa57102\" \/><\/a><\/h1>\n<\/header>\n<\/header>\n<div>\n<div class=\"caas-attr author\"><a class=\"link caas-attr-logo\" title=\"\" href=\"https:\/\/www.yahoo.com\/author\/kerry-hannon\" data-ylk=\"elm:icon;slk:Kerry Hannon\" data-rapid_p=\"7\" data-v9y=\"1\"><img decoding=\"async\" class=\"caas-img\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/idIDpzmXl_bIC2JZkIj6FQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTgwO2g9ODA-\/https:\/\/s.yimg.com\/os\/creatr-uploaded-images\/2022-03\/57a5f580-a3cd-11ec-b1fc-d323fa628773\" alt=\"Kerry Hannon\" data-src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/idIDpzmXl_bIC2JZkIj6FQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTgwO2g9ODA-\/https:\/\/s.yimg.com\/os\/creatr-uploaded-images\/2022-03\/57a5f580-a3cd-11ec-b1fc-d323fa628773\" \/><\/a><\/p>\n<div class=\"caas-attr-meta\">\n<div class=\"caas-attr-item-author\"><span class=\"caas-author-byline-collapse\" data-id=\"m-0\"><a class=\"link\" title=\"\" href=\"https:\/\/www.yahoo.com\/author\/kerry-hannon\" data-ylk=\"elm:author;slk:Kerry Hannon\" data-rapid_p=\"8\" data-v9y=\"1\">Kerry Hannon<\/a><\/span><\/p>\n<div class=\"caas-attr-item\"><span class=\"caas-attr-meta-separator\">\u00b7<\/span>Senior Columnist<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><em>Kerry is a Senior Columnist and Senior Reporter at Yahoo Money. Follow her on Twitter<\/em><a class=\"link \" href=\"https:\/\/twitter.com\/KerryHannon\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:@kerryhannon\" data-rapid_p=\"13\" data-v9y=\"1\"><em>\u00a0@kerryhannon<\/em><\/a><\/p>\n<p><a class=\"link \" href=\"https:\/\/money.yahoo.com\/\" data-ylk=\"slk:Read the latest personal finance trends and news from Yahoo Money.\" data-rapid_p=\"14\" data-v9y=\"1\"><strong>Read the latest personal finance trends and news from Yahoo Money.<\/strong><\/a><\/p>\n<p><strong><em>Follow Yahoo Finance on<\/em><\/strong><a class=\"link \" href=\"https:\/\/twitter.com\/YahooFinance\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:Twitter\" data-rapid_p=\"15\" data-v9y=\"1\"><strong><em>\u00a0Twitter<\/em><\/strong><\/a><strong><em>,<\/em><\/strong><a class=\"link \" href=\"https:\/\/www.instagram.com\/yahoofinance\/?hl=en\" target=\"_blank\" rel=\"nofollow noopener\" data-ylk=\"slk:Instagram\" data-rapid_p=\"16\" 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data-ylk=\"slk:LinkedI\" data-rapid_p=\"20\" data-v9y=\"1\"><strong><em>\u00a0LinkedI<\/em><\/strong><\/a><strong><em>n.<\/em><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"caas-aside-section\">\n<div class=\"caas-non-sticky-sda\">\n<div id=\"sda-LREC\" class=\" LREC-status-ok\"><\/div>\n<div id=\"module-dynamicRR\" class=\"W(300px) Pos(r) Mt(10px) Mb($gridMargin)\">\n<div id=\"module-trending\" class=\"wafer-rapid-module\">\n<div id=\"wafer-trending-bar\">\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"caas-sticky-sda-container wafer-sticky wafer-loader-success\" data-wf-sticky-boundary=\"caas-aside-section\" data-wf-sticky-offset=\"165px   10px\" data-wf-sticky-target=\".caas-sticky-sda\">\n<div class=\"caas-sticky-sda sticky-active sticky-flow\"><\/div>\n<\/div>\n<\/aside>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"postArticle\" class=\"Pos(r) Mb($gridMargin) Mt(-20px) Pstart(106px) Pend(34%)\">\n<div id=\"module-editorialPicks\" class=\"wafer-rapid-module  Mb(20px)\">\n<div id=\"wafer-trending-bar\" class=\"Bdrs(8px) Bdw(1px) Bdc(#e0e4e9) Bds(s) Pb(20px) Px(20px)\">\n<div class=\"header-wrapper D(f) Py(10px) Bdbw(1px) Bdc(#e0e4e9) Bdbs(s)\">\n<div class=\"D(ib) Td(n)\">Read more<\/div>\n<\/div>\n<div class=\"item-hover-trigger Pos(r)\">\n<div class=\"item-img-wrapper Pos(r) Fl(end) Mstart(20px) Ov(h) Fxs(0) Bdrs(8px) Z(0)\"><\/div>\n<div class=\"simple-item-content\">\n<div class=\"provider-logo\"><\/div>\n<h4 class=\"Fz(20px) Lh(1.4) Fw(600) D(b) Pos(r) T(2px) My(0) W(100%) Trs(colorTransition) item-hover-trigger:h_C($titleHoverColor)\"><a class=\"Td(n) C($inherit) Td(n) C($inherit) D(f) js-content-viewer rapidnofollow\" href=\"https:\/\/money.yahoo.com\/inflation-social-security-benefits-2023-190417421.html\" data-uuid=\"98a2af27-36c3-4d08-8f58-3ffc55fc04e7\" data-ylk=\"elm:hdln;itc:0;pos:1;sec:readmore;subsec:readmore;cpos:1;ct:story;g:98a2af27-36c3-4d08-8f58-3ffc55fc04e7\" data-hosted-type=\"HOSTED\" data-wf-caas-prefetch=\"1\" data-wf-caas-uuid=\"98a2af27-36c3-4d08-8f58-3ffc55fc04e7\" data-rapid_p=\"1\" data-v9y=\"1\">Inflation could mean even bigger Social Security benefits in 2023<\/a><\/h4>\n<div class=\"StretchedBox Z(1)\"><\/div>\n<\/div>\n<\/div>\n<div class=\"action-bar Mt(8px) Mend(8px) D(f) Fld(r) Fxw(w) Jc(sb) Ai(c) Mih(19px) Pos(r)\">\n<div class=\"Fz(12px) C($commentColor)\"><span class=\"provider-name D(ib) Va(m) Ell Maw(115px)\">Yahoo Money<\/span><span class=\"separator Px(4px)\">\u00b7<\/span><span class=\"mins-read D(ib) Va(m) Ell Maw(115px)\">7 min read<\/span><\/div>\n<div class=\"actions\"><\/div>\n<\/div>\n<div class=\"item-hover-trigger Pos(r)\">\n<div class=\"item-img-wrapper Pos(r) Fl(end) Mstart(20px) Ov(h) Fxs(0) Bdrs(8px) Z(0)\"><\/div>\n<div class=\"simple-item-content\">\n<div class=\"provider-logo\"><\/div>\n<h4 class=\"Fz(20px) Lh(1.4) Fw(600) D(b) Pos(r) T(2px) My(0) W(100%) Trs(colorTransition) item-hover-trigger:h_C($titleHoverColor)\"><a class=\"Td(n) C($inherit) Td(n) C($inherit) D(f) js-content-viewer rapidnofollow\" href=\"https:\/\/money.yahoo.com\/healthcare-costs-in-retirement-194143001.html\" data-uuid=\"d6427fa2-6adc-4f39-9d60-813b73ec56d7\" data-ylk=\"elm:hdln;itc:0;pos:1;sec:readmore;subsec:readmore;cpos:2;ct:story;g:d6427fa2-6adc-4f39-9d60-813b73ec56d7\" data-hosted-type=\"HOSTED\" data-wf-caas-prefetch=\"1\" data-wf-caas-uuid=\"d6427fa2-6adc-4f39-9d60-813b73ec56d7\" data-rapid_p=\"2\" data-v9y=\"1\">Many Americans don&#8217;t have a clue about health care costs in retirement<\/a><\/h4>\n<div class=\"StretchedBox Z(1)\"><\/div>\n<\/div>\n<\/div>\n<div class=\"action-bar Mt(8px) Mend(8px) D(f) Fld(r) Fxw(w) Jc(sb) Ai(c) Mih(19px) Pos(r)\">\n<div class=\"Fz(12px) C($commentColor)\"><span class=\"provider-name D(ib) Va(m) Ell Maw(115px)\">Yahoo Money<\/span><span class=\"separator Px(4px)\">\u00b7<\/span><span class=\"mins-read D(ib) Va(m) Ell Maw(115px)\">7 min read<\/span><\/div>\n<div class=\"actions\"><\/div>\n<\/div>\n<div class=\"item-hover-trigger Pos(r)\">\n<div class=\"simple-item-content\">\n<div class=\"provider-logo\"><\/div>\n<h4 class=\"Fz(20px) Lh(1.4) Fw(600) D(b) Pos(r) T(2px) My(0) W(100%) Trs(colorTransition) item-hover-trigger:h_C($titleHoverColor)\"><a class=\"Td(n) C($inherit) Td(n) C($inherit) D(f) js-content-viewer rapidnofollow\" href=\"https:\/\/money.yahoo.com\/pricey-summer-travel-162326520.html\" data-uuid=\"c228ffed-cf2d-4248-af43-7090f98e1066\" data-ylk=\"elm:hdln;itc:0;pos:1;sec:readmore;subsec:readmore;cpos:3;ct:story;g:c228ffed-cf2d-4248-af43-7090f98e1066\" data-hosted-type=\"HOSTED\" data-wf-caas-prefetch=\"1\" data-wf-caas-uuid=\"c228ffed-cf2d-4248-af43-7090f98e1066\" data-rapid_p=\"3\" data-v9y=\"1\">Here&#8217;s how to navigate pricey summer travel<\/a><\/h4>\n<div class=\"StretchedBox Z(1)\"><\/div>\n<\/div>\n<\/div>\n<div class=\"action-bar Mt(8px) Mend(8px) D(f) Fld(r) Fxw(w) Jc(sb) Ai(c) Mih(19px) Pos(r)\">\n<div class=\"Fz(12px) C($commentColor)\"><span class=\"provider-name D(ib) Va(m) Ell Maw(115px)\">Yahoo Money<\/span><span class=\"separator Px(4px)\">\u00b7<\/span><span class=\"mins-read D(ib) Va(m) Ell Maw(115px)\">6 min read<\/span><\/div>\n<div class=\"actions\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"sda-LDRB2\" class=\" Mb($articleAdMargin) Mstart(106px) LDRB2-status-ok\">\n<div id=\"sb_rel_sda-LDRB2-iframe\" class=\"darla\"><\/div>\n<\/div>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/static.hupso.com\/share\/buttons\/share-small.png?w=640&#038;ssl=1\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"Social Security&#039;s surplus gets a respite, new report predicts\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"excerpt":{"rendered":"<p>\u201cSurveys show that a significant portion of the population doesn&#8217;t believe that they&#8217;re going to receive Social Security benefits, those people are mistaken\u201d Akabas said. \u201cThe program is not going away.\u201d<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" 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