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The trust funds Social Security uses to make sure recipients get their full benefits are projected to run out of money by 2034, according to the Social Security Board of Trustees. That date is one year earlier than the trustees estimated in their report last year.
Once the trust funds are depleted, beneficiaries would receive only 81 cents for every dollar they should be receiving, if federal lawmakers take no action to address the situation.
The trustees’ 2025 annual report, released June 18, cited a law enacted this year as the primary reason why the funds are projected to run out earlier than previously projected. In January, Congress passed the Social Security Fairness Act. That law repealed two policies that had been reducing benefits for 2.8 million people who receive pensions for jobs that exempted them from paying into Social Security during their careers (such as teachers, police officers and firefighters) but who also get Social Security benefits for other jobs where they did have paycheck deductions.
Under the Social Security Fairness Act, those affected got retroactive lump-sum repayments for the amount their benefits were reduced in 2024, plus an increase in their regular benefit going forward.
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Changes in how the trustees evaluate low fertility rates and workers’ compensation as a share of the national gross domestic product also affected Social Security’s finances. Lower fertility rates typically mean fewer future workers pay into the system (absent immigration).
“Congress must act to protect and strengthen the Social Security that Americans have earned and paid into throughout their working lives,” said AARP’s CEO, Dr. Myechia Minter-Jordan. “More than 69 million Americans rely on Social Security today, and as America’s population ages, the stability of this vital program only becomes more important.
“AARP members and older Americans nationwide consistently say that the future of Social Security and Medicare are the issues they care about most, and they stand ready to hold politicians across party lines accountable to strengthen these programs for the long term,” Minter-Jordan said.
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