Social Security to exhaust its funds three years faster

Social Security will exhaust its trust fund in 2033, three years faster than last year’s projection, according to a new report from the agency’s board of trustees.

The Disability Insurance Fund will exhaust its fund in 2016, two years quicker than earlier predicted.

When Social Security’s fund dries up, there will still be enough money collecting from workers’ paychecks to pay 75 percent of promised benefits to retirees.

Over the next 75 years, Social Security would need $8.6 trillion — yes, that’s a “t” — in present value dollars to pay all that’s promised.

Other tidbits from the report:

Social Security’s income — which includes payroll taxes and interest earned — came to $805 billion last year. (The annual interest earned on the assets was 4.4 percent.)  Benefits last year totaled $725 billion to about 55 million beneficiaries.