Social Security is still on track to run out of income in 2037, according to the 2010 report from the Social Security Board of Trustees.
Highlights of the report include the following projections:
- In 2010 and 2011, Social Security costs will exceed money coming into the fund through Social Security tax revenues.
- In 2012 through 2014, more money will go into the Social Security fund than is paid out in Social Security benefits.
- Beginning in 2015, the trustees predict that Social Security will begin permanently running in the red, if no action is taken to change this. This is one year earlier than the Social Security trustees predicted last year.
- In 2037, when the Social Security funds are exhausted, there will be enough money to pay approximately 78 percent of benefits.
Addressing the future of Social Security, here's what Michael J. Astrue, Commissioner of Social Security had to say: "The impact of the current economic downturn continues to be felt by the Social Security Trust Funds. The fact that the costs for the program will likely exceed tax revenue this year is not a cause for panic but it does send a strong message that it's time for us to make the tough choices that we know we need to make.
"I applaud President Obama for his creation of the Deficit Commission so we can start the national discussion needed to ensure that Social Security remains a foundation of economic security for our children and grandchildren."
For a different perspective on the future of Social Security, read what Alex Pareen of Salon has to say about Social Security and the Deficit Commission.
Do you think Social Security is in trouble? Will lawmakers find a solution to the shortfall that doesn't include forcing us to work longer? Share your opinions about Social Security in Comments, below.