The main trust funds used to support payments of Social Security retirement benefits are set to run dry in 2034, according to the latest annual funding report published by the Congressional Budget Office.
That is one year later than the projection published last year, and it is roughly in line with what the Social Security trustees indicated in their own projections published back in May.
Key Solvency Facts
In the new report, the CBO details its 75-year projections for the Social Security program.
If Social Security's outlays were limited to the amounts that could be paid from annual revenues after the combined balance of the retirement and disability trust funds were exhausted in fiscal year 2034, benefits would be about 23% smaller than scheduled benefits in 2035, CBO projects.
Payable benefits, in turn, would be about 28% smaller than scheduled benefits in 2098.
CBO projects that if Social Security paid benefits as scheduled, spending on the program would increase from 5.1% of gross domestic product in 2024 to 6.7% in 2098. That increase is attributed to the growing share of the population age 65 or older.
