Federal Officials Say Social Security Will Implode By 2034

Patrick Hauf | June 6, 2018
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For the first time since since 1982, the cost of Social Security will exceed its income.

The news comes after the trustees of Social Security and Medicare released their annual report Tuesday, which says this crisis is coming three years earlier than expected, leading them to create a nearly $3 trillion trust fund as an attempt to cover the growing costs that are partially, if not mostly, due to the nation's aging population. 

The colossal trust fund is set to be depleted in 2034, the same year Social Security, if combining retirement and disability funds, is projected to implode —  unless of course, Congress decides to take action on the manner. 

Currently, about 61.5 million people benefit from either Social Security's retirement or disability funds.

The program is funded through workers' taxes, which are put into their retirement savings and invested into the trust fund.

Treasury Secretary Steven Mnuchin stated he is optimistic that President Trump's deregulation efforts and Congress' tax cuts will produce enough economic growth to keep the Social Security program up and running. 

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