Virus Could Deplete Social Security Funds By 2030, Report Says

The Social Security trust fund could be depleted by 2030, five years earlier than the official government estimate before the coronavirus hit, because of the recession and long-term near-zero interest rates triggered by the pandemic.

The trust fund that pays retirement benefits would run out in a decade if the current economic downturn is as severe as the recession following the 2008 financial crisis, the Bipartisan Policy Center said in a report issued Thursday. Even under the most optimistic economic projections, the fund could run out of money by 2034, the report said.

“If policymakers fail to address Social Security’s ...