Social Security's Reserves Grew by $35 Billion in 2016 -- So Why Is the Program in Trouble?
According to the just-released 2017 Social Security Trustees' report, Social Security brought in $35 billion more than it paid out, and now has a whopping $2.85 trillion in reserves in the OASDI Trust Funds. Despite this surplus, the program is still expected to run out of money in 2034, at which point it will only be able to pay out about three-fourths of promised benefits. Here's why Social Security's financial condition is expected to deteriorate rapidly over the next 17 years and what could be done about it.
In 2016, Social Security's income was $957 billion, and its total expenditures including paid benefits and administration costs came to $922 billion, which resulted in the $35 billion addition to the reserves.
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Source: Fool.com
