The Social Security Administration has some bad news: its trust fund reserves are projected to be depleted by 2034, one year earlier than previously projected. It hasn’t been able to cover its costs with tax money since 2010, so it’s been relying on these funds. The economic impact of the pandemic, like increased unemployment and early retirements, as well as central bank policy like low interest rates, have made it even harder to make ends meet. So recipients and future recipients are now facing smaller payouts.
Reporting by Jasmina Davis