U.S. Treasury says Social Security old-age and survivor insurance trust fund depleted by 2033

Not good news Social Security and other retirement benefits in the US.

• U.S. Treasury says Social Security old age and survivors insurance trust fund reserves are expected to be depleted by 2033. That is one year earlier than last year's estimate
• Stability insurance fund reserves to be depleted by 2057, eight years earlier than last year's estimates
• OASI (Old-Age and Survivors Insurance Trust Fund) would be able to pay only 76% of scheduled benefits in 2033 from continuing tax revenues
• Medicare hospital insurance trust fund reserves to be depleted in 2026. That is the same as last year.

That is not good news for those pensioners who do and will rely on Social Security and Medicare as part of their retirement.

Ken Langone, ex-CEO of HomeDepot argues that wealthy people like him, would more than happily forego getting his Social Security payment each and every month. What that would amount to is unknown but the mismanagement of the retirement funds will be a huge problem in the future (and may argue for unlimited stimulus - as long as inflation remains under some control)