Trustee: Social Security clock starts in 2020

The Social Security Administration released a new report that projected the cost of the Social Security program will exceed income next year, the first such instance since 1982. The ratio of reserves to projected costs peaked in

2008 and has declined generally since. The Social Security Administration will continue to pay regularly scheduled benefits by dipping into trust funds, with expenses projected to deplete those funds by

2035. Absent any fix, scheduled tax income is sufficient to pay only three-quarters of scheduled benefits through 2093.