CBO’s 2024 Long-Term Projections for Social Security

The Congressional Budget Office’s latest report dives deep into Social Security’s future, using both budget and demographic projections as of mid-2024. Projections cover long-term impacts of current legislation on Social Security funding through 2054. If trust funds run out, benefits may shrink, constrained by annual revenue limits.

This report also compares scenarios where Social Security benefits are fully funded and where they might face funding shortfalls, providing a comprehensive view of potential financial outcomes for future retirees.