The Social Security Board of Trustees today released its 76th annual report to Congress on the financial status of the Social Security trust funds. As a trustee of Social Security funds, I work with the other trustees to ensure the public is informed about the status of Social Security’s finances for the short term and over the next 75 years.
Workers earn their Social Security benefits by contributing through deductions from their paychecks. The Social Security trust funds include the Old Age and Survivors Insurance (OASI) fund, which pays benefits to retired workers and their families and to the families of deceased workers; and the Disability Insurance (DI) fund, which pays benefits to disabled workers and their families. Continue reading →
By now, you’ve probably heard that this year marks the 80th anniversary of the signing of the Social Security Act. In case you didn’t know, this year is also the 75th anniversary of the payment of the first monthly benefits.
And, today, the Social Security Board of Trustees released the 75th annual report to Congress on the financial status of the Social Security trust funds.