CHART: The Social Security Cliff

The Congressional Budget Office released information on its long-term projections for Social Security today. Social Security has enough funding to continue sending out full benefits to seniors until around 2033.

Then disaster strikes:

That cliff could come as early as 2029 to as late as 2037, but it's coming if we don't do something over the next 20 years. The good news is that the hole in funding doesn't accelerate much after the cliff. If Congress can find a funding source to make up the 1.5% gap, then Social Security will be fully funded for many years.