The Social Security Board of Trustees projected Wednesday that the trust funds for its retirement and disability programs will be depleted by 2035, forcing immediate cuts to benefits.
The estimates, which are in line with projections from last year, do not account for the huge hit to the economy from the pandemic.
The projections mean that in 2035, a person expecting $1 in benefits will instead receive 79 cents, based on an analysis of the combined trust funds for the Social Security retirement and disability programs.
Individually, the retirement program is projected to be depleted in 2034, which is consistent with last year’s estimate, with 76% of benefits payable at that time.
The disability program is estimated to become depleted in 2065, a 13-year extension from last year’s estimate of 2052, with 92% of benefits still payable.
“The projections in this year’s report do not reflect the potential effects of the COVID-19 pandemic on the Social Security program,” said Andrew Saul, commissioner of the Social Security Administration.
