OPINION: “The chance of that happening exactly the way they say is virtually nil,” fee-only financial adviser Jim Blankenship wrote as the latest Social Security Trustees report estimated when two Social Security funds would be depleted.
The Social Security Trustees released their annual report on Thursday, and the headline is that the Social Security trust fund’s estimated depletion is pushed back by one year, to 2035 .
As I mentioned, a lot of assumptions are made by the actuaries in order to produce these projections. Things like population growth, employment rates, wage levels, interest rates, and rates of inflation must all fall within the parameters that were assumed in order for this projection to come out exactly the way the actuaries say it will.
Using 1983’s actions as a guide, as we approach the projected depletion date, it is most likely Congress will wait until the last possible moment and produce legislation that will push out the necessary revenue increases and benefit decreases to future workers, leaving current retirees alone for the most part.
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