Payroll taxes and other funding sources for the government program are being impacted by the COVID-19 pandemic. The coronavirus pandemic and ensuing economic collapse could push Social Security to insolvency by the end of the decade, according to new estimates.
At the end of April, the government projected that Social Security, one of the biggest federal benefit programs, would be unable to pay full benefits starting in 2035.
At that point, only 76 percent of benefits could be paid out. But that was before officials accounted for the virus outbreak, which they agree will deal a substantial blow to the program.
When factoring the crisis, the Bipartisan Policy Institute estimated that the depletion date would jump from 2035 to 2029.RELATED: