Munnell, Alicia Haydock. “Social Security's financial outlook”. Issue in Brief 14-12, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, July 2014. http://hdl.handle.net/2345/bc-ir:103764.
The brief's key findings are: (1) The 2014 Trustees Report shows little change from last year: (1a) Social Security's 75-year deficit rose modestly to 2.88 percent of payroll. (1b) But the deficit as a percent of GDP is still 1 percent. (1c) And trust fund exhaustion is still 2033, after which payroll taxes still cover about three quarters of promised benefits. (2) The shortfall is manageable but, with the deficit rising to about 4 percent in two decades, action should be taken soon to avoid larger tax/benefit changes later. (3) And the disability insurance program needs immediate attention, as its trust fund is expected to be exhausted in 2016.