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The previous post covered the latest actuarial report on Medicare finances. So how’s Social Security doing this year? Answer: about the same. Last year the trustees projected that the Social Security trust fund would be exhausted in 2033. This year they project that it will be exhausted in 2033. The long-term actuarial deficit actually increased slightly, mostly due to changes in economic assumptions, but the change was so small that it had no impact on medium-term projections.
Given the inherent uncertainty in this kind of stuff, it’s wise not to dive too deeply into these numbers. The bottom line is that SSA is projecting slightly higher long-term costs than last year, but not enough to really affect anything over the next few decades.