The Social Security Board of Trustees has released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, the same as projected last year.
The OASI Trust Fund is projected to become depleted in late 2034, as compared to last year’s estimate of early 2035, with 77 percent of benefits payable at that time. The Old Age and Survivors Insurance Trust Fund is a Social Security trust fund that pays benefits to insured retired workers and survivors of such workers. OASDI provides monthly cash benefits to workers and their dependents when they retire, die, or become disabled.
2018 Annual Report to Congress, the Trustees 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 75year 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 year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034. At that time, there will be sufficient income coming in to pay 79 percent of scheduled benefits.
“The Trustees’ projected depletion date of the combined Social Security Trust Funds has not changed, and slightly more than three-fourths of benefits would still be payable after depletion,” said Nancy A. Berryhill, Acting Commissioner of Social Security. “But the fact remains that Congress can keep Social Security strong by taking action to ensure the future of the program.”
View the 2018 Trustees Report at: www.socialsecurity.gov/OACT/TR/2018/.