Created on August 4, 2014
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Read the original report, "Social Security Trustees Report: Unfunded Liability Increased $1.1 Trillion and Projected Insolvency in 2033," by Rachel Greszler and Romina Boccia.
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In 1983, Social Security’s trustees projected that the recently enacted Social Security reforms would keep the program solvent for at least the next 75 years through 2058. However, over successive annual reports, that approach date has accelerated. If the trend since 1983 continues, the program will become insolvent in 2024— 34 years earlier than originally projected.
Source: Heritage Foundation calcluations based on data from Social Security Administration, The 2013 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, May 31, 2013, http://www.socialsecurity.gov/OACT/TR/2013/index.html (accessed May 31, 2013).
CHART 2 • BG 2936
Tags: Social-Security, trustees-report, unfunded-liability, insolvency, life-expectancy
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