Full social security benefits will end in 2033 due to lack of funds

Full social security benefits will end in 2033 due to lack of funds

POSTED: Monday, April 23, 2012 - 3:45pm

UPDATED: Wednesday, August 7, 2013 - 8:14am

The trustees who oversee Social Security say the program's trust funds will now run dry in 2033, which is three years earlier than previously estimated.

One reason for the adjustment is the bad economy, and another reason is that Americans are living longer, so the number of retirees is growing.

Without changes, the system will be able to pay just 75 percent of full benefits after 2033.

The trustees say that Congress should address the issue as soon as possible.

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