Trustees say they expect Social Security’s reserves to be depleted by 2035 as the coronavirus weights on the system’s financial condition
WASHINGTON—The coronavirus pandemic is expected to weigh on the financial condition of Social Security, which is currently projected to pay benefits that exceed its income in 2021 for the first time in nearly 40 years.
Trustees for Social Security and Medicare in an annual report said the latest estimate for when benefits would exceed income is one year later than previously projected. But the projections don’t account for the potential effects of the coronavirus pandemic, which could substantially boost costs and accelerate...
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