Social Security fund will be able to pay benefits one year longer than expected, Treasury says
The Social Security trust fund most Americans rely on for their retirement will be able to continue to pay out benefits for a year longer than prior estimates, the Treasury Department said.
The improved report projects that the U.S. will be able to pay disability insurance over the next 75 years, the first time officials have issued such a rosy outlook since their 1983 report.
Treasury Secretary Janet Yellen and Labor Secretary Marty Walsh explained that the upgraded outlook is thanks to a strong recovery from the Covid-19 recession.
Your quotes from the article could be a bit misleading.
The retirement fund is the one whose solvency is expected to continue for another year, until 2034, while the disability fund is the portion that is projected to be OK for another 75 years.
The Social Security trust fund most Americans rely on for their retirement will be able to continue to pay out benefits on a timely basis until 2034, one year later than the Treasury Department estimated last year, according to an updated report published by the government Thursday afternoon.
Still a bit of good news either way.