Social Security Trust Funds Available Until 2041

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4/24/2007, 5:05 am

It looks like the Social Security Trust Funds will be available for a year longer than was expected. The Social Security Board of Trustees released its annual report on the Social Security Trust Funds this week. The full details are available on the Social Security web site in a press release titled, “Social Security Board of Trustees Issues Annual Report: Long-range Financing Challenges Continue”.

The bottom line on when the well runs dry? “The projected point at which the Trust Funds will be exhausted comes in 2041 — one year later than the projection in last year’s report.” However, the estimated point at which tax revenues are exceeded by program costs comes in 2017, as was estimated in last year’s report.

If you’re generally interested in the Social Security Administration, a quick source of information is available in the SSA’s Press Office Facts and Figures.

Finally, if you don’t expect Social Security benefits to be a big part of your retirement income (and you really shouldn’t), you may be interested in trying the Future Value of Savings Calculator to see how large your own personal nest egg may grow between now and the day you retire. It quickly calculates results for 77 different savings plans at once. One of its nicest features is that it displays in one easy-to-see location the effects of different interest rates. It’s available as a free download with a 20 use trial at Future Value of Savings Calculator.

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