US Recovery Seen Extending Social Security Solvency by a Year

The Social Security system’s retiree fund will be able to fully pay scheduled benefits until 2034, bolstered by higher-than-expected tax receipts stemming from a strong US economic recovery, according to the Treasury Department.

That gives the key fund an extra year compared with forecasts made last year, the Treasury said in a report Thursday.

“The recovery of employment, earnings, and GDP from the 2020 recession has been faster and stronger than projected in last year’s report,” according to the 2022 annual report from trustees of the Social Security and Medicare trust funds. That’s resulted in “higher payroll tax receipts and ...