- The 2020 Trustees Report, which was prepared before the pandemic, shows:
- Social Security’s 75-year deficit increased from 2.78 percent to 3.21 percent of payroll.
- Trust fund depletion remains at 2035, after which payroll taxes still cover about three quarters of promised benefits.
- This shortfall is manageable, and the pandemic is unlikely to fundamentally alter the long-term financial status of the program.
- Today’s crisis has also underscored the importance of Social Security, which continues to provide a steady source of income to millions of Americans.
- Therefore, once the crisis subsides, stabilizing Social Security’s long-term finances should be a high priority to ensure that Americans have full confidence in its future.
Social Security’s Financial Outlook: The 2020 Update in Perspective
About IPPFA
The IPPFA was founded in 1985 as a not-for-profit organization whose mandate was to educate public pension fund trustees. In 2009 the IPPFA became the primary education provider for public pension fund trustees in the state of Illinois. Our members manage over eighteen billion dollars in pension assets.