Social Security’s combined funds that pay retirement, disability and family benefits will be able to pay scheduled benefits until 2034, according to the program’s annual trustees report released on March 31,  2023.

In this CNBC article, Covisum's Founder and President Joe Elsasser, CFP® said, “Don’t elect benefits out of fear.” Even if a benefit cut does happen, most people will still be better off if they delay, which increases the size of their monthly benefit checks throughout retirement. Couples especially may benefit from delaying one person’s benefit, he said.

The US Social Security trust funds, which provide benefits for 67 million Americans, will be depleted by 2034, according to the annual trustees' report by the Treasury Department. This is one year earlier than projected last year, and is due to updated projections for the US economy, including recent output and inflation data. If Congress does not take action, 80% of scheduled benefits will be payable from the combined funds for old age and survivors insurance and disability insurance. Meanwhile, Medicare's hospital insurance trust fund will be able to pay 100% of scheduled benefits until 2031, three years later than projected last year.

Read the CNBC article in its entirety.