Social Security Board of Trustees: Projected Trust Fund Exhaustion Three Years Sooner Than Last Year
The Social Security Board of Trustees released its annual report on the financial health of the Social Security Trust Funds. In its report the Trustees reported that he combined assets of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds will be exhausted in 2033, three years sooner than projected last year. At that time, there will be sufficient non-interest income coming in to pay about 75 percent of scheduled benefits.
The entire 2012 Trustees Report is posted at www.socialsecurity.gov/OACT/TR/2012/
Posted by Sheri R. Abrams, Attorney at Law, Partner Needham, Mitnick & Pollack, plc, www.nmpattorneys.com, www.sheriabrams.com