Social Security isn’t shattered, but it’s shaky.
The new report on Social Security, which predicts that the combined retirement and disability trust fund reserves will go broke in 2035, has put more Americans on edge, especially those nearing retirement who are worrying about how much in benefits they can expect.
The 2024 Social Security and Medicare trustees report projects insolvency one year later than last year’s estimate. That scarcely brighter outlook stems from the strong economy and wage growth, which has ramped up payroll tax payments that fund the program. For now, low unemployment has meant that more workers are adding to the program, even while a rising number of baby boomers begin to tap their benefits, the trustees said.
The potential depletion of the fund does not, however, translate to an empty till. There will still be money to pay benefits at that stage —…
