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Every year, the government-appointed Board of Trustees releases a report on the financial outlook for the Social Security and Medicare Trust Funds. The Trustees released the 2020 Trustees Report on April 22, 2020. It reported:

  • The combined trust fund reserves are projected to become depleted in 2035, if Congress does not act before then — the same year as was projected last year. At that time, there will be sufficient income coming in to pay 79% of scheduled benefits.
  • The projected actuarial deficit over the 75-year projection period is 3.21% of taxable payroll — higher than the 2.78% projected in last year's report.
  • The total annual cost of the program is projected to exceed total annual income, for the first time since 1982, in 2021 and remain higher throughout the 75-year projection period. As a result, asset reserves are expected to decline during 2021. Social Security’s cost has exceeded its non-interest income since 2010.
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