Social Security Reform - Almanac of Policy Issues - 0 views
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C Chadwick on 17 May 11Although the Social Security system is now running surpluses of income over outgo, its board of trustees projects that its trust funds would be depleted in 2041 and only 73% of its benefits would be payable then with incoming receipts. The trustees project that on average the system's cost would be 14% higher than its income over the next 75 years; by 2080 it would be 50% higher. The primary reason is demographic: the post-World War II baby boomers will begin retiring in less than a decade and life expectancy is rising. By 2025 the number of people age 65 and older is predicted to grow by 74%. In contrast, the number of workers supporting the system would grow by 14%