Social Security Board of Trustees: Long-Range Financing Outlook Remains Unchanged

In the 2010 Annual Report to Congress, the Trustees announced: The projected point at which the combined Trust Funds will be exhausted comes in 2037 – the same as the estimate in last year’s report. At that time, there will be sufficient tax revenue coming in to pay about 78 percent of benefits.The projected point at which tax revenues will fall below program costs comes in 2010.  Tax revenues will again exceed program costs in 2012 through 2014 before permanently falling below program costs in 2015 — one year sooner than the estimate in last year’s report.The projected actuarial deficit over the 75-year long-range period is 1.92 percent of taxable payroll — 0.08 percentage point smaller than in last year’s report.Over the 75-year period, the Trust Funds would require additional revenue equivalent to $5.4 trillion in present value dollars to pay all scheduled benefits.

via Social Security Press Office: Social Security Board of Trustees: Long-Range Financing Outlook Remains Unchanged.

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