Annual Trustees Report Released

Last week, the Social Security Trustees released their annual report on the current and projected financial status of the Social Security Trust Funds. The 2012 Trustees Report shows that Social Security is 100 percent solvent until 2033, but faces a moderate long-term shortfall. In 2011, Social Security had a surplus of $69 billion. Reserves are projected to grow to $3.1 trillion by the end of 2020. If Congress takes no action in the meantime, reserves would start to be drawn down to pay benefits. If Congress does not act before 2033, the reserves would be depleted and revenue coming into the Trust Funds would cover about 75 percent of scheduled benefits. The Arc supports proposals to ensure the long-term solvency of the Trust Funds that maintain the basic structure of Social Security, spread the costs, and are as minimal as possible.
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