Social Security trust funds will be depleted by 2034
Unless Congress intervenes, however, the program will not be able to pay out full benefits come 2035.
The Social Security trust funds will be depleted by 2034, the Treasury Department has announced.
The depletion date was previously expected to be 2035, CNBC reported. More than 67 million Americans receive benefits from these funds. Treasury Secretary Janet Yellen has insisted that the administration would ensure the funds continued to pay out their scheduled benefits.
"The Biden-Harris Administration is committed to ensuring the long-term viability of these critical programs so that retirees can receive the hard-earned benefits they’re owed," she said.
Unless Congress intervenes, however, the program will not be able to pay out full benefits come 2035. There are separate depletion dates for separate funds, however.
The old age and survivors insurance trust fund will pay out full benefits until 2033, after which it will be able to pay 77% of its benefits. The disability trust fund, however, will pay full benefits through 2097.
Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.