3. The Program Will Suffer HUGE Losses
Last year, Social Security generated $957.5 billion in revenue – considerably more than what it paid out to beneficiaries. The reality is that it’s been over three decades since Social Security paid out more in benefits than it generated in revenue in a year.
If the program starts paying out more in benefits than it collects in 2022 (as predicted), its reserves will begin to shrink. By 2034, they will be completely exhausted.
What does it mean? If the current predictions will come true, lawmakers will be forced to replace revenue so retirees can still get their Social Security benefits. But for how long can that happen?