Will Social Security Still Be Here in 2035?
There have been lots of alarming stories in the press about how Social Security will go bankrupt by 2035, so this is a very current and valid question. The truth is comforting — and concerning.
On one hand, the Social Security Trustees currently project that the Social Security surplus, which was $2.8 trillion at the end of 2016, will be exhausted by 2034. That doesn’t mean that Social Security will go away when that happens. The active workforce in 2035 will still be paying into Social Security, and that money will be disbursed to Social Security recipients.
However, if trends continue as they currently stand, that money will only be enough to pay about 77 percent of current Social Security benefits. This means that unless legislation is introduced to somehow raise revenue for the Social Security program, benefits will likely be cut by 2035.
