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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28371
Experience:  Taxes, Immigration, Labor Relations
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Every one on the net is saying social security is going to

Customer Question

every one on the net is saying social security is going to collapse this year. what is the truth of it.
Submitted: 8 months ago.
Category: Social Security
Expert:  lev-tax replied 8 months ago.

The Trustees continue to project depletion of the Social Security Disability Insurance (DI) Trust Fund in late 2016 if lawmakers take no action. This impending DI funding shortfall, which threatens beneficiaries with sudden and substantial benefit reductions, is but the first manifestation of larger financial imbalances facing Social Security as a whole as well as Medicare.

The 2015 reports project that the DI, OASI, and HI Trust Funds will all be depleted within the next 20 years. The following table shows key dates for the respective trust funds as well as for the theoretical combined OASDI trust funds

See attached image.

See here

https://www.ssa.gov/oact/trsum/

Expert:  lev-tax replied 8 months ago.

So far - as we see in this report - the social; security system will NOT collapse in 2016 - but there are definitely substantial financial issues that must be addressed as soon as possible to avoid the disaster.

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