The Social Security Trustees released their 2020 annual report on the program’s current and future financial health.
The projected date of trust fund insolvency remains unchanged at 2035. However, the long-term 75-year actuarial deficit rose significantly, from 2.78 to 3.21 percent of taxable wages. The reason for this 15 percent increase in the long-term funding shortfall is legislative changes related to the Affordable Care Act’s “Cadillac tax” on generous health care plans along with changes to both economic and demographic assumptions.
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