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Social Security Funds to Be Exhausted in 20 Years, Treasury Says

May 31 (Bloomberg) -- The U.S. Social Security trust funds, used to make retirement and disability payments, won’t have enough money to pay full benefits starting in 20 years, the Treasury Department said.

“It is projected that the combined Social Security Trust Funds will be exhausted in 2033,” Treasury Secretary Jacob J. Lew said in a statement today in Washington. “Incoming revenues will be insufficient to maintain payment of full benefits starting in that year.”

The 2033 projection was the same as a forecast last year, according to Lew’s statement, which was released along with a annual report by the trustees of the Social Security and Medicare programs.

To contact the reporter on this story: Kasia Klimasinska in Washington at kklimasinska@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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