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Social Security Trust Fund- 2008 Report

Through the years we have all heard dire predictions that the Social Security Trust Fund will be exhausted in the very near future. On March 25, 2008, the Board of Trustees for the Social Security Trust Funds issued a report stating that the solvency of the trust funds remained stable in 2007 and may have even improved slightly.* As reported in 2007, the trust funds’ reserves are projected to be exhausted in 2041.  Trust Fund Data

What does this mean? It means that until 2041, more than 30 years from now, the Social Security Trust Funds will be able to pay 100% of promised benefits. This projection assumes no change in taxes or benefits.

What will this Congress do to protect future recipients? Probably nothing. Since the need is not immediate, I do not believe that this Congress will feel pushed into resolving the long-term solvency issue in this election year. However, the Trustees’ report does note that the Medicare problems are more immediate so perhaps, there is some hope that Congress will act.

* The overall actuarial deficit (i.e. the percent of taxable payroll needed to close the gap) has improved.

Source of information: NOSSCR Social Security Forum

To learn more about social security issues please go to social security disability law.
 and click on social security.  To learn more about our social security lawyers, click on social security lawyers, and look at Dory Sutker or SUja Varghese under the firm bios.