New report finds Social Security is set to run dry by 2035. Social Security will still exist after 2035, according to the trustees’ findings, but retirees will only receive 83% of their full benefits. Preventing that shortfall requires congressional action and would likely involve trimming benefits or increasing the Social Security payroll tax. The Social Security Board of Trustees today released its annual report on the financial status of the health of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to have enough dedicated revenue to pay all scheduled benefits and associated administrative costs until 2035, one year later than projected last year, with 83 percent of benefits payable at that time. Americans have fewer children and live longer, and these trends contribute to an aging population. The outsized generation of Baby Boomers (those born between 1946 and 1964) is retiring at a record pace, further lowering the proportion of the population in the workforce.

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