Social Security’s Financial Outlook: The 2020 Update in Perspective Source: Center for Retirement Research
The brief’s key findings are:
The 2020 Trustees Report, which was prepared before the pandemic, shows:
Social Security’s 75-year deficit increased from 2.78 percent to 3.21 percent of payroll.
Trust fund depletion remains at 2035, after which payroll taxes still cover about three quarters of promised benefits.
This shortfall is manageable, and the pandemic is unlikely to fundamentally alter the long-term financial status of the program.
Today’s crisis has also underscored the importance of Social Security, which continues to provide a steady source of income to millions of Americans.
Therefore, once the crisis subsides, stabilizing Social Security’s long-term finances should be a high priority to ensure that Americans have full confidence in its future.
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