A 35-Year Low for This Social Security Stat Is Reason to Celebrate
Social Security is our nation's most indispensable social program -- and it's also in some pretty serious trouble.
Earlier this year, the Social Security Board of Trustees released its annual report detailing the short-term (10-year) and long-term (75-year) outlook for the program. As has been the case with every report since 1985, the news wasn't good. By the Trustees' estimate, Social Security's $2.9 trillion in asset reserves (its net cash surpluses built up since inception) will be completely exhausted by 2035, at which point retired workers could face sweeping benefit cuts of up to 24% to maintain program solvency over the long term.
The report also highlighted a $16.8 trillion cash shortfall between 2035 and 2094. The longer lawmakers wait to resolve the program's shortcomings, the costlier righting the ship will be for working Americans.
Source Fool.com
