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5 myths about Social Security as the program faces a funding crisis

The federal government hasn’t “raided” the Social Security Trust Funds.

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Columnist
May 10, 2024 at 7:00 a.m. EDT
(Washington Post illustration; iStock)
6 min

Social Security is a critical program for millions of Americans, yet there is so much that people don’t understand.

The trustees of the Social Security and Medicare trust funds have just released their annual report on the economic status of the programs. A crisis is looming.

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Washington Post illustration; Michelle Singletary; iStock (Washington Post illustration; Michelle Singletary; iStock)
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Without any change in current law, the Old-Age, Survivors and Disability Insurance (OASDI) trust funds combined are projected to have enough revenue — including current reserves — to pay 100 percent of scheduled benefits on a timely basis only until 2035. Medicare’s Hospital Insurance Trust Fund is projected to be able to pay 100 percent of scheduled benefits until 2036.