What could be ahead for Social Security (SS)? SS Trustees and the bipartisan Congressional Budget Office now estimate that the retirement trust fund will be exhausted within 10 years, a year earlier than previously predicted. Due to rising interest rates and the highest inflation since 1981, SS recipients needed cost-of-living increases of 8.7%, which consumes the trust fund at a faster rate. The Congressional Research Service states that once asset reserves are depleted, the program can only pay out benefits in the amount it receives from tax revenues, unless Congress acts. Trustees project that in 2034, tax revenues will be sufficient to pay about 80% of scheduled benefits.
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