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By BRUCE A. HUNDLEY
Social Security Manager, Culpeper
The 1996 Social Security trustees report tells us that the Social Security long-range financial projections are holding steady.
As past and current program beneficiaries can attest, Social Security has always met its beneficiary obligations. And it always will. Even with no changes in curfent law, Social Security will be able to continue paying benefits for more than three decades into the future.
Specifically, the 1996 atinual report states that the combined OldAge and Survivors Insurance and Disability Insurance Trust Funds are rapidly accruing reserves and will be able to meet all benefit obligations through 2029.
The 2029 date is a year earlier than was reported in last year’s Trustees Report. But that change is due primarily to a technical correction, and the 2029 date is the same “trust fund exhaustion” date that was reported by the trustees in 1994.
It is important to note that in 2029, contrary to what many people think, Social Security will not be “broke.” Annual tax revenues will be enough to cover 77 percent of annual expenditures.
94.5%