The financial future of the more than 70 million Americans who receive Social Security benefits is slightly more secure than anticipated: The trust fund reserves used to pay beneficiaries are projected to become insolvent in 2035, a year later than previously projected, according to the agency’s annual trustees report, released May 6, 2024.
Social Security will still exist after 2035, according to the report. But without congressional action, retirees will only receive 83% of their full benefits. Preventing that shortfall would likely involve trimming benefits or increasing the Social Security payroll tax.
