The future of social security
According to the Social Security Board of Trustees’ 2021 annual report, the agency’s financial reserves will be depleted by 2034, a year earlier than the 2020 report forecast, Yahoo reports.
After that, annual taxes are estimated to pay only about 78 percent of benefits.
Longer life expectancy, a smaller population of working age and an increase in the number of retirees are all contributing to the problem.
By 2035, the number of people aged 65 and older in the United States will have increased to more than 78 million, from about 56 million today.
As a result, more individuals will withdraw money from the social security system while fewer will contribute.