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Social Security's Financial Outlook: The 2014 Update in Perspective

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  • Alicia H. Munnell

Abstract

The 2014 Trustees Report shows little change from last year: o Social Security's 75-year deficit rose modestly to 2.88 percent of payroll. o But the deficit as a percent of GDP is still 1 percent. o And trust fund exhaustion is still 2033, after which payroll taxes still cover about three quarters of promised benefits. The shortfall is manageable but, with the deficit rising to about 4 percent in two decades, action should be taken soon to avoid larger tax/benefit changes later. And the disability insurance program needs immediate attention, as its trust fund is expected to be exhausted in 2016.

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  • Alicia H. Munnell, 2014. "Social Security's Financial Outlook: The 2014 Update in Perspective," Issues in Brief ib2014-12, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2014-12
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    File URL: http://crr.bc.edu/briefs/social-security%E2%80%99s-financial-outlook-the-2014-update-in-perspective/
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    Cited by:

    1. Joseph F. Quinn & Kevin E. Cahill, 2015. "The New World of Retirement Income Security in America," Boston College Working Papers in Economics 887, Boston College Department of Economics.

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