Social Security now expected to run short on funds in 2035, one year later than previously projected

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Social Security now expected to run short on funds in 2035, one year later than previously projected.Social Security is now projected to face a shortfall in funds by 2035, a year later than previously estimated.O’Malley, who took the helm of the agency in December, called on Congress to extend the trust fund’s solvency, as it has done in the past on a bipartisan basis."Closing the gap will provide peace of mind to Social Security's 70 million-plus beneficiaries, the 180 million workers and their families who contribute to Social Security, and the entire nation," O'Malley stated.The new 2035 depletion date applies to Social Security's combined trust funds, which assist in paying benefits when more funds are needed beyond what is received through payroll taxes. Currently, 6.2% of workers' pay is taxed for Social Security, with an additional 1.45% taxed for Medicare, typically matched by employers. High earners may have an extra 0.9% withheld for Medicare.While the combined depletion date is a key measure of the program's solvency, the funds cannot actually be merged under current law. Social Security's two trust funds have separate projected depletion dates.The Old-Age and Survivors Insurance Trust Fund, used to pay retired workers, their spouses and children, and survivors, is expected to last until 2033, with 79% of scheduled benefits potentially payable at that time, unchanged from last year's projection.