Trustees Report Released

     From a press release:

The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2035, the same as projected last year, with 79 percent of benefits payable at that time.

The OASI Trust Fund is projected to become depleted in 2034, the same as last year’s estimate, with 76 percent of benefits payable at that time. The DI Trust Fund is estimated to become depleted in 2065, extended 13 years from last year’s estimate of 2052, with 92 percent of benefits still payable. ...

     Of course, the economic dislocations caused by the Covid-19 pandemic may significantly affect the trust funds in ways that cannot yet be projected. At least is the short run we know there will be decreased revenues.  We don't know how quickly and how completely the economy will rebound once this is over. We also don't know how this will affect claiming behavior. Will people apply earlier for benefits? I wouldn't know about retirement benefits but I've seen no jump in disability claims filed.