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Social Security will be insolvent by 2034 due to COVID-19 pandemic

Washington covid-19 pandemic
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WASHINGTON - The sharp shock of the coronavirus recession pushed Social Security a year closer to insolvency but left Medicare’s exhaustion date unchanged, the government reported Tuesday in a counterintuitive assessment that deepens the uncertainty around the nation's bedrock retirement programs.The new projections in the annual Social Security and Medicare trustees reports indicate that Social Security's massive trust fund will be unable to pay full benefits in 2034 instead of last year's estimated exhaustion date of 2035.

For the first time in 39 years the cost of delivering benefits will exceed the program's total income from payroll tax collections and interest during this year.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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