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May 09

Woops! Social Security now expected to be insolvent within 5 years.

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Here’s some big news. A review by Harvard and Dartmouth researchers has found that the Social Security Administration’s actuarial forecasts have been consistently overstating the financial health of the program’s trust funds since 2000.

Specifically, the agency has been ignoring evidence that Americans’ life expectancy has risen more than the agency has projected. A more realistic assessment–conducted with more accurate data from the private insurance industry–reveals that Social Security will have insufficient funds to pay out all its claims as soon as 2020–not 2031 as previously predicted.