Experts believe that the recently released Social Security Trustees Report revealed mixed signals about the program’s short and long-term sustainability.
Chief Actuary at the Social Security Administration Stephen Goss said the report shows both positive and negative forecasts for the short and long term, respectively. While the national deficit will spike in the near future, Goss said that in the long run, national deficit will drop as provisions in the health care overhaul bill begin to materialize.
Goss and a panel of experts said they believe that, although Social Security OASI and DI Trust Funds are adequately financed until 2040 and 2018, long term imbalances need to be addressed. The oldest baby boomers will turn 65 in 2011 and as more of them begin to file for Social Security, the number of people pumping cash into the program decreases, consequently hiking prices for future generations.
According to a statement, “the sooner action is taken to address the long-run financial imbalances, the more reform options will be available, and the more time there will be to phase in changes so that those affected will have adequate time to prepare.”
Trustees Report Gives Mixed Signals, Boomers Set To Milk Social Security
Experts believe that the recently released Social Security Trustees Report revealed mixed signals about the program’s short and long-term sustainability.
Chief Actuary at the Social Security Administration Stephen Goss said the report shows both positive and negative forecasts for the short and long term, respectively. While the national deficit will spike in the near future, Goss said that in the long run, national deficit will drop as provisions in the health care overhaul bill begin to materialize.
Goss and a panel of experts said they believe that, although Social Security OASI and DI Trust Funds are adequately financed until 2040 and 2018, long term imbalances need to be addressed. The oldest baby boomers will turn 65 in 2011 and as more of them begin to file for Social Security, the number of people pumping cash into the program decreases, consequently hiking prices for future generations.
According to a statement, “the sooner action is taken to address the long-run financial imbalances, the more reform options will be available, and the more time there will be to phase in changes so that those affected will have adequate time to prepare.”