ocial Security Surplus to Disappear by 2033
In 2010, the decades-long tradition of government creating surpluses for the social security fund ended. It now gives more benefits than it collects in taxes. This creates an unsustainable safety net that is estimated to dry up by 2033.
At that time, a reduction of benefits to 75 percent of current levels will be implemented. For seniors relying on social security as their principal form of post-retirement income, the consequences could be devastating.
The budgetary shortfalls that will befall social security will begin to balloon far out of control when the surplus is extinguished. Many are calling for action by Congress now instead of waiting more than two decades.
They reason that reform of social security might be less painful now rather than later.