“Today, Social Securitys annual revenues exceed its annual outlays. But as the baby-boom generation (people born between 1946 and 1964) continues to age, growth in the number of Social Security beneficiaries will pick up, and outlays will increase much faster than revenues. The Congressional Budget Office (CBO) projects that the Social Security trust funds will be exhausted in 2043. (Unless otherwise stated, the years referred to in this report are calendar years.) Thus, if the law remains unchanged, CBO projects that 34 years from now, the Social Security Administration (SSA) will not have the legal authority to pay full benefits. Such long-term projections are necessarily uncertain; nevertheless, the general conclusions presented here hold true under a wide range of assumptions.”
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