Social Security Reserves Estimated to be Depleted Earlier Than Previously Expected
Translator: MOS Translation Group – Lakers
The New York Post reported on Sept. 1st that the trustees of two Social Security funds overseen by the Treasury Department, the Old-Age and Survivors Insurance and Disability Insurance trust funds, said in a report on Tuesday that the Old-Age and Survivors Fund will now only pay full benefits through 2033 and that the U.S. Social Security will need to begin cutting benefits in 2034, a year earlier than expected, as a drop in revenue from payroll taxes due to the CCP virus pandemic and the short-term recession it caused.
The Disability Insurance Fund is expected to be able to pay full benefits through 2057, eight years earlier than reported last year by Treasury officials. The Social Security trust funds combined are estimated to have depleted reserves in 2034, a year earlier than previously forecasted. At that point, it would only be able to pay out 78 percent of promised benefits to retirees and disabled beneficiaries, Treasury officials said. Social Security Administration Acting Director Kilolo Kijakazi said in a statement, “Social Security will continue to play a critical role in the lives of 65 million beneficiaries and 176 million workers and their families during 2021.”
The trust fund for Medicare Part A, which covers hospital care, is estimated to have its reserves depleted in 2026, the same year that was projected last year. At that time, continued income would be able to pay 91 percent of scheduled benefits, the trustees reported.
The catastrophe brought about by the CCP virus pandemic is just beginning to reveal itself, and its power in the U.S. could lead to countless Americans facing a straitened old age, not to mention the fact that Wall Street has put a large proportion of Americans’ retirement funds into Chinese stocks, which have now reportedly lost $500 billion, and the probability of a possible economic disaster at the end of the year will increase significantly.
(This article only represents the author’s opinion.)
- Social Security reserves estimated to be depleted earlier than previously expected
- Social Security funds will run out sooner than expected, feds warn
Proofread and Posted by: Irene
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