By next year, Social Security’s cost is estimated to exceed total income, according to the latest trustee report for the Social Security and Medicare trust funds. Absent legislative action to fix the shortfall, OASI will have only enough tax income to pay out 76 percent of scheduled payments, according to the trustee report. “The projections in this year’s report do not reflect the potential effects of the covid-19 pandemic on the Social Security program,” said Andrew Saul, commissioner of Social Security. “With informed discussion, creative thinking, and timely legislative action, Social Security can continue to protect future generations.”For many people, Social Security is a financial lifeline that puts them in better shape for retirement than they think, Washington Post columnist Allan Sloan argued recently. Fifty-seven percent of retirees rely on Social Security as their major source of income, according to a 2018 Gallup poll.

Source: Washington Post May 25, 2020 10:52 UTC