Social Security projections

The Congressional Budget Office (CBO) last week updated its projections of revenues and outlays for Social Security. The report covers 75 years from 2008 through 2082. Currently the Social Security program runs an annual surplus but as baby boomers retire, beneficiaries will increase substantially.

CBO projects that outlays will first exceed revenues in 2019 and that the Social Security trust funds will be exhausted in 2049. If the law remains unchanged, the Social Security Administration (SSA) will then no longer have the legal authority to pay full benefits.

Updated Long-Term Projections for Social Security (pdf, 45pp/856kB), August 2008