Social Security funds are expected to be depleted by 2034, a year earlier than projected, and the future of the program remains “uncertain,” the federal government said in a report.
The projection was bumped up from 2035 as a result of the coronavirus pandemic, which presented a strain on the program, according to the grim report published by the Social Security Administration (SSA) on Tuesday. The program had more than 65 million beneficiaries who receive monthly Social Security payments by the end of 2020, the agency said.
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