Yes. The Social Security taxes you now pay go into the Social Security Trust Funds and are used to pay benefits to current beneficiaries. The Social Security Board of Trustees now estimates that based on current law, in 2041, the Trust Funds will be depleted.
What is the future of Social Security?
DI Disability Insurance
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OASI Old-Age and Survivors Insurance
PAYGO pay as you go
Will there be Social Security in 2040?
Social Security does not now—and is unlikely in the future to—provide enough income for a comfortable retirement. You should start saving for your retirement as early as possible by contributing to retirement accounts such as an IRA or 401(k).
Will there be Social Security in 35 years?
Your final Social Security payment is calculated with the 35 years of work history in which you earned money. The higher your wage over the 35-years that you submit, then the higher your monthly Social Security payments will be.
Will Social Security be around in 20 years?
According to the 2021 annual report of the Social Security Board of Trustees, the surplus in the trust funds that disburse retirement, disability and other Social Security benefits will be depleted by 2034. That's one year earlier than the trustees projected in their 2020 report.