As the baby boom generation retires,Social Security payments will have to increase approximately _____ in order to maintain the level of promised benefits.

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According to projections by the Social Security Administration, the trust fund that supports Social Security is expected to run out in 2035. At that point, Social Security payments will only be able to be paid out of current payroll taxes, which will only cover approximately 80% of promised benefits. To maintain the level of promised benefits, Social Security payments will have to increase by approximately 40%.

As the Baby Boom Generation Retires,Social Security Payments Will Have