New Wharton forecast puts Social Security trust fund depletion later than official projections

Dny59 | E+ | Getty Images Social Security 's trust funds may have a bit more runway than expected, according to new long-range projections by the Penn Wharton Budget Model , shared exclusively with CNBC. The trust fund Social Security relies on to help pay retirement benefits — Old-Age and Survivors Insurance, or OASI — may be depleted in February 2033, according to the Penn Wharton Budget Model at the University of Pennsylvania, a provider of nonpartisan estimates and analysis on the impact of public policy. In contrast, the Social Security trustees report released on June 9 projects that the fund may last through the fourth quarter of 2032. If combined with the disability insurance trust fund, the projected depletion date may be pushed to February 2035, according to PWBM. The Social Security trustees report forecasts a third quarter 2034 depletion date for the combined funds. Social Security uses incoming revenue from payroll taxes to pay benefits. When benefit payments exceed payroll tax income, the program relies on the trust funds to help make up the shortfall.