Retirement

The Social Security board of trustees, in its 2002 annual report to Congress ( www.ssa.gov/OACT/TR/TR02/index.html ), says long-range program deficits remain although the short-term outlook has improved. According to the report, tax revenue will fall below program costs in 2017—one year later than the board estimated in 2001. The board says it expects the trust funds to run out of money in 2041—three years later than last estimated. At that point, it says, payroll taxes will fund only 73% of Social Security benefit obligations, with bleaker prospects likely in the late 21st century.