Social Security Trust Fund to Run Out of Money by 2034: CBO

A trust fund for Social Security is scheduled to run out of money by 2034 as benefits exceed tax revenues, according to new estimates from the nonpartisan Congressional Budget Office (CBO). The budget watchdog released the latest report assessing the financial state of the retirement program over the next 75 years. Officials forecast that the Old-Age and Survivors Insurance Trust Fund’s balance will run dry in fiscal year 2033, one year later than last year’s projection. In addition, the balance of the Disability Insurance Trust Fund could be exhausted by 2064. The trend in Social Security’s finances is occurring because the trust fund is being drained as it pays out more than it takes in from payroll tax revenue....