Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Virus Could Deplete Social Security Funds By 2030, Report Says

Oct. 22, 2020, 3:01 PM

The Social Security trust fund could be depleted by 2030, five years earlier than the official government estimate before the coronavirus hit, because of the recession and long-term near-zero interest rates triggered by the pandemic.

The trust fund that pays retirement benefits would run out in a decade if the current economic downturn is as severe as the recession following the 2008 financial crisis, the Bipartisan Policy Center said in a report issued Thursday. Even under the most optimistic economic projections, the fund could run out of money by 2034, the report said.

“If policymakers fail to address Social Security’s ...