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Social Security’s Financial Outlook: The 2024 Update in Perspective

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  • Alicia H. Munnell

Abstract

The 2024 Trustees Report showed a slight drop in the 75-year deficit, but the depletion date for the retirement trust fund remains at 2033. The prospect of a 21-percent benefit cut only 9 years away should focus our attention on restoring balance to the program. Further delay has real costs: options like investing part of the trust fund in equities are disappearing as the trust fund slides towards zero; the burden of tax increases or benefit cuts fully shifts to Millennials and subsequent generations; and waiting creates a crisis, so any fix should include automatic adjustments to restore balance so we never get in this mess again.

Suggested Citation

  • Alicia H. Munnell, 2024. "Social Security’s Financial Outlook: The 2024 Update in Perspective," Issues in Brief ib2024-11, Center for Retirement Research.
  • Handle: RePEc:crr:issbrf:ib2024-11
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    File URL: https://crr.bc.edu/social-securitys-financial-outlook-the-2024-update-in-perspective/
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