Susan Walsh/AP
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Social Security can sustain benefits for only 20 more years, Geithner says
The estimate is three years earlier than the program trustees' last prediction.
Social Security can sustain full benefit payments for only another 20 years, according to the latest report from the program’s trustees, the Treasury Department said Monday.
"The report projects that, when considered on a combined basis, Social Security's retirement and disability programs have dedicated funds sufficient to cover benefits for the next 20 years, but in 2033, incoming revenues and trust fund resources will be insufficient to maintain payment of full benefits,” Treasury Secretary Timothy Geithner said in a statement Monday.
In 2011, the trustees predicted the program’s trust fund reserves would be exhausted in 2036, and the year before, they projected solvency until 2037.