General Question

elbanditoroso's avatar

Is COVID good for the balance of the Social Security Trust Fund?

Asked by elbanditoroso (30545points) 3 weeks ago

There has been a good bit of concern that the Social Security Trust Fund would run out of money to pay retirees. There have been various projections of the exact timing – some say 2040, some say 2075, and some are alarmist and say earlier.

Since a hefty number of elderly people (who received Social Security) died in the last 18 months of COVID, they’re no longer receiving Social Security benefits.

That implies that the Trust Fund isn’t being depleted as quickly because the drawdown has slowed on account of those people.

Hence, my question – Is COVID a net positive for Social Security funding?

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5 Answers

JLeslie's avatar

It probably helps, but it’s also probably an insignificant dent.

Keep in mind some people have chosen to stay unemployed who lost their jobs or chose to leave jobs, and open jobs don’t pay into SS. So, maybe COVID caused a decrease in money flowing into the SS system?

KNOWITALL's avatar

That’s a conspiracy theory, of course, but in reality more people are on Social Security post-Covid, recovering likely.
https://www.investopedia.com/the-pandemic-impact-of-social-security-and-medicare-5186940#:~:text=In%20the%20short%20term%2C%20however,by%2020%25%20for%20two%20years.

chyna's avatar

I don’t think more people are on disability SS due to covid, yet. It takes a good 2 years to be declared disabled and for social security to begin paying disability payments.

omtatsat's avatar

So your question is: Is Covid good for the Social Security Fund because it kills off alot of older people?And you think you can call that good!!!

RocketGuy's avatar

@omtatsat – if they don’t care about anyone who is over 55, maybe they think that is good.

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