Following 19 months of turbulent federal spending and recent concerns over rising inflation, it is important to assess the impact of the pandemic on the finances of Social Security, the nation’s largest benefit program.
The Social Security Board of Trustees recently released its annual report on the program’s current and projected financial status, which clarified that while COVID-19 has not dramatically affected Social Security’s finances, its primary trust fund remains just over a decade away from depleting its reserves. Moreover, based on the Social Security Administration’s expected announcement on October 13th of next year’s cost-of-living adjustment, beneficiaries can expect to see one of the greatest increases in monthly benefits in nearly 40 years. These developments carry significant implications for how the program’s financing gap should be addressed, especially in the face of an economy and labor market still in recovery.
Join the Bipartisan Policy Center and the Funding Our Future initiative for a virtual panel discussion to break down key takeaways from the 2021 Trustees Report, the program’s cost-of-living adjustment for 2022, and what’s ahead for the future of Social Security.
Stephen C. Goss
Chief Actuary, Social Security Administration
Principal Policy Associate, Income and Benefits Policy Center, Urban Institute
Chief Economist and Vice President, BPC
In light of restrictions related to the COVID-19 pandemic, BPC events have shifted to all remote formats, such as video teleconferences or calls.