Recently, the Social Security Board of Trustees released its annual report on the current and projected financial status of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds.
The combined funds are projected to become depleted in 2034, the same as last year. After that time, the income from taxes will be sufficient to pay 79 percent of scheduled benefits. The DI Trust Fund will become depleted in 2032, extended from last year’s estimate of 2028, with 96 percent of benefits still payable.
In the 2018 Report to Congress, the trustees also announced:
- The asset reserves of the combined OASDI Trust Funds increased by $44 billion in 2017 to a total of $2.89 trillion.
- The total annual cost of the program is projected to exceed total annual income in 2018 for the first time since 1982, and remain higher throughout the 75-year projection period. As a result, asset reserves are expected to decline during 2018. Social Security’s cost has exceeded its non-interest income since 2010.
- The projected actuarial deficit over the 75-year long-range period is 2.84 percent of taxable payroll—slightly larger than the 2.83 percent projected in last year’s report.
Social Security is with each of us through life’s journey, helping us secure today and tomorrow. The longevity of our programs relies on the accurate, up-to-date data provided in these yearly reports. You can view the full 2018 Trustees Report at www.socialsecurity.gov/OACT/TR/2018/.