Join Early Retirement Today
Reply
 
Thread Tools Display Modes
SS Trustees 2018 Annual Report
Old 06-06-2018, 01:02 PM   #1
Thinks s/he gets paid by the post
USGrant1962's Avatar
 
Join Date: Dec 2016
Location: DC area
Posts: 2,479
SS Trustees 2018 Annual Report

The 2018 annual report has been issued. https://www.ssa.gov/OACT/TRSUM/index.html


Key takeaways:

The OASDI Trust Fund is still depleted in 2034, but the deficit forecast has improved to 21% (can pay 79% of benefits) versus 23% in the 2017 report.

2018 is the first year that SS will spend more than it takes in - so the Trust Fund begins declining this year.

The Medicare Hospital Insurance Trust Fund (Part A) runs out in 2026. Under current law, revenues are projected to cover only 91% of costs, declining to 78% in 2039.

Here's one summary: Analysis of the 2018 Social Security Trustees’ Report | Committee for a Responsible Federal Budget
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged

"All models are wrong, some are useful." - George Box
There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken
USGrant1962 is offline   Reply With Quote Reply
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-06-2018, 02:54 PM   #2
gone traveling
 
Join Date: Mar 2015
Posts: 3,508
According to the Secretary of the Treasury, Social Security and Medicare will be just fine:

“The Administration’s economic agenda – tax cuts, regulatory reform, and improved trade agreements – will generate the long-term growth needed to help secure these programs and lead them to a more stable path.

“Social Security and Medicare are the federal government’s two largest programs, and millions of Americans heavily rely on their benefits. Robust economic growth will help to ensure their lasting stability.”


https://home.treasury.gov/news/press-releases/sm0404
joeea is offline   Reply With Quote Reply
Old 06-06-2018, 03:11 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 11,232
Quote:
Originally Posted by joeea View Post
According to the Secretary of the Treasury, Social Security and Medicare will be just fine:

“The Administration’s economic agenda – tax cuts, regulatory reform, and improved trade agreements – will generate the long-term growth needed to help secure these programs and lead them to a more stable path.

“Social Security and Medicare are the federal government’s two largest programs, and millions of Americans heavily rely on their benefits. Robust economic growth will help to ensure their lasting stability.”


https://home.treasury.gov/news/press-releases/sm0404
Okay now I feel better.
__________________
TGIM
Dtail is offline   Reply With Quote Reply
Old 06-06-2018, 03:17 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 5,638
But there are more job openings than people to fill the jobs, and a severe shortage of skilled employees. How will the economy continue to grow?
Dash man is offline   Reply With Quote Reply
Old 06-06-2018, 05:29 PM   #5
Thinks s/he gets paid by the post
VanWinkle's Avatar
 
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,607
Quote:
Originally Posted by Dash man View Post
But there are more job openings than people to fill the jobs, and a severe shortage of skilled employees. How will the economy continue to grow?
There are plenty of people for the jobs, just no current incentive to go to work.
__________________
Retired May 13th(Friday) 2016 at age 61.
VanWinkle is offline   Reply With Quote Reply
Old 06-06-2018, 05:43 PM   #6
Thinks s/he gets paid by the post
USGrant1962's Avatar
 
Join Date: Dec 2016
Location: DC area
Posts: 2,479
Quote:
Originally Posted by VanWinkle View Post
There are plenty of people for the jobs, just no current incentive to go to work.
Yes, there is about a 350K shortage of employment seekers to job openings. But there are 96 million "out of the workforce" and most of them are not FIRE. There is still headroom in the labor market.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged

"All models are wrong, some are useful." - George Box
There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken
USGrant1962 is offline   Reply With Quote Reply
Old 06-06-2018, 08:30 PM   #7
Recycles dryer sheets
 
Join Date: Dec 2012
Posts: 93
If this party can keep going for a while, I would hope that a lot of those working part-time but desiring full time can get it, those underemployed relative to their education and/or experience can move up to better positions, and a good number of those in poor paying positions can via some initiative and maybe extra training move up. Maybe workers can feel they have some upward mobility again. This could leave the very low end work understaffed, but that is what automation is for. (See MacDonald's installing order entry kiosks. Is running the fryer or the grill farther up the value chain that order clerk?)



To the extent this pans out, SS revenues should improve. Haven't there been a couple upward revisions in the fraction of benefits projected revenue will support? Improving real interest rates should also boost return on the trust fund, but that is really just moving money from one of Uncle Sam's pockets to another.



Continued low unemployment should also pull some folks into the workforce.



There is some slack that could support more growth.
Svensk Anga is offline   Reply With Quote Reply
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Newbie-Withdraw Strategy for 2018. Annual, monthly? supernova72 FIRE and Money 35 01-06-2018 12:05 PM
2017 OASDI Trustees Report USGrant1962 FIRE and Money 7 07-16-2017 09:45 AM
Recommended references for first-time trustees? steelyman FIRE and Money 8 06-27-2011 02:28 PM
Intro and help request...looking for trustees leftbucket Hi, I am... 3 01-28-2009 03:13 PM
Credit Qs on PBHG's annual report (31 Mar 04) Nords FIRE and Money 1 07-28-2004 05:02 AM

» Quick Links

 
All times are GMT -6. The time now is 08:32 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.