Apr '23 in General discussion
Latest Social Security Trustees Report
The Social Security Trustees' Annual Report came out a few days ago. Not optimistic, to put it mildly. "Under the Trustees’ intermediate assumptions, Social Security’s total cost is projected to be higher than its total income in 2023 and all later years. Total cost began to be higher than total income in 2021. Social Security’s cost has exceeded its non-interest income since 2010." "Under the Trustees’ intermediate assumptions, OASDI cost is projected to exceed total income in 2023, and the dollar level of the hypothetical combined trust fund reserves declines until reserves become depleted in 2034, one year earlier than projected in last year’s report." Much more detail contained therein about the likely effects of demographic changes, etc. Bottom line: Everybody'd better start thinking about and planning for the likely tax implications.
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Latest Social Security Trustees Report
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