Social Security 2021 Trustees Report
Reading Time: 1 MinuteLast Updated: August 31, 2021
Today, the Social Security Board of Trustees released its annual report on the long-term financial status of the Old-Age and Survivors Insurance and Disability Insurance Trust Funds. Want to learn more? Read our press release.
Join us on Facebook Live on Wednesday, September 15, at 7 p.m. ET as we chat about the report.
If you have a question about the report, add it in the comments below. We will attempt to answer as many as possible.
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Tags: General Information, Trustees Report
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Stephen C. Goss, Chief Actuary
Stephen C. Goss, Chief Actuary
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Victress J.
Are those who did not have OASI withholding in 2020/2021 being allowed to pay the taxes on their own as this could affect their future social security benefits?
V.V.
Hi Victress, thanks for using our blog to ask your question. You cannot get more credits by voluntarily contributing money to Social Security. You can earn credits only by working in a job or your own business that is covered under Social Security. Check out our Frequently Asked Questions for more details regarding credits. We hope this helps!
Hospitals &.
It would seem that instead of taxing the rich, OASI bribed the rich with a $3.3 billion refund in order to sustain the Office of Fiscal Policy payroll tax overestimate for 2020 (pg. 27). There is no moral consciousness regarding how much of the payroll tax was counterfeited by the Office of Fiscal Service, the Board of Trustees is upholding, none of whom have any authority to print money in excess of what they received from taxpayers under law, without authorization by Congress under the Constitution, although the Federal Reserve could “buy” the debt for nothing but inclusion their “rollover funds” the math is getting very fuzzy. The Treasury has a duty to devaluate, but is obviously testing the limits of their ability to counterfeit without permission from Congress, ostensibly to defend the rich and state employees from being asked to pay their taxes by the spineless Board of Trustees (Epsom salt bath cures MRSA from the excruciating monoclonal antibody to the sacrum passed out on disability questionnaires). In all cases where there was a reduction or deferral of employer and employee payroll tax under certain limited circumstances (2020 -6.2 percent reduction in employment), there was no reduction or delay in the payroll tax revenue received by the OASI and DI Trust Funds (pg. 40).
The -3% decline from 2020(false) to 2021 implies 3% growth from 2019, highly optimistic, after a true decline of about -7% 2019-2020 breaking even would be lucky 2021. The false 2020 OASI payroll grew 6.3%, the DI 4.3%, more equitable division of the loot than proposed. The OASI population grew 2%, down from 2.4% durable average. The DI population is said to have declined 3.1% due to retirement of beneficiaries. DI Beneficiary spending declined and is expected to continue to decline until after the pandemic in 2022. May the 60 year old with ALS who just died of COVID rest in peace. The workers sure have been murderous lately, must be making room for the pandemic unemployment compensation. The actual scheduled date of depletion of the DI Trust is not 2057, it is 2027. http://www.title24uscode.org/payrolltax2020.pdf
Patrick S.
1. Why are Government Employees, Congress and the Senate NOT reliant on Social Security as we are but, retain their apparently priviledged and separate retirement plans? An immediate correction in the public’s poor perception of this disparate treatment would be resolved if all Americans depended on Social Security. 2. What is the total $$ amount withheld, borrowed or stolen by government from contributions intended to be deposited to Social Security? 3. Why are future beneficiaries not permitted to take possession of their individual Social Security Accounts and to self-direct investments of those funds?
V.V.
Hi Patrick, thanks for using our blog. Social Security covers federal employees hired after 1983. These employees pay Social Security taxes on their earnings. Check out our Social Security Benefits for Federal Workers web page for more information. For details on how Social Security is financed and the trust funds, check out our Press Office Reports web page. We hope this information is helpful!
DESIREE P.
I am interested in knowing if the child welfare program paid for with social security money is considered an expense or income? I would like to know if continued 400,000 children per year seized using these funds views the programs required as successfully producing productive members of society, or if the economic cannibalism has become the projected sole means to employ Americans now? I would like to know if continued tripple seizure of ss funds will ever be addressed ie my pandemic and stimulus $was taken to pay for child support that is already federally paid for in grants of ss. If some of you on this panel care about even your own family,ook around and spot the implant, do the right thing, dont let these communist scare you any longer. We don’t have much more time left. God bless all of u seniors for your sacrIfice and we are trying to save us. God bless America
Sofia A.
Excellent article. Very exciting to read this post – movie rulz
Mel A.
Probably no one who followed the solvency of the Trust Funds is surprised at the current level of reserves. Many are probably relieved that things are not worse because of the ravages of covid and the fact that nothing was done since the last report.
The status of the reserves are indeed grim, but not irreparable with rapid, intelligent action. THE SOONER THE BETTER.
My suggested answer is to increase revenue to the system by those who can afford to pay more, not to reduce benefits or increase costs on those who cannot afford it.
A simple solution could be increase the amount of income covered by FICA by increasing the amount of earnings covered, both on income from labor and income from investment earnings.
I am not qualified to give a final recommendation on the new amounts, but I might suggest that you keep the 7.65 rate on the current amount(adjusted for inflation) and no additional contributions until say $250000(adjusted for inflation) then start contributions again on both income from labor and income from investment earnings.
I will be glad to see any comments from other readers.
Miguel T.
The best, easiest and fastest solution would be to increase the income of the system, which would be achieved by significantly increasing the salary limit for contributions. The reduction of benefits should not be considered at any time as an option, since these benefits serve to support the weakest population, those who require them for reasons of retirement, disability, survivors or supplemental benefits. Additionally, it is necessary to optimize the systems to control the effective payment of contributions and the proper use of money, avoiding any type of fraud to the system.
Betty R.
My husband has continued to work after receiving social security. I was of the understanding that he would get raises in addition to cost of living because of paying into the system. Thus far, he hasn’t gotten anything other than cost of living. He is 76.
V.V.
Hi Betty, thank you for using our blog to ask your question. Each year we review the records for all Social Security recipients who work. If your husband’s latest year of earnings turns out to be one of his highest years, we will refigure his benefit and pay him any increase due. This is an automatic process, and benefits are paid in December of the following year. For example, in December 2021, he should get an increase for his 2020 earnings if those earnings raised his benefit. The increase would be retroactive to January 2021.
Check out our Receiving Benefits While Working web page for more details.
Violet J.
Are there any events closer to Lewisberry so I can attend . I am concerned about losing the back pay as it was accompanied by a letter frrom the “Council of seniors” saying I was to return it to them as a donation.??????
Thank you for any help.
Violet Stailey
7174677002
e mail vistailey@aol.com
David
“For your safety, please do not post Personally Identifiable Information (such as your Social Security Number, address, phone number, email address, bank account number, or birthdate) on our blog.”
Gerald O.
If I am still working and receiving my ss and still paying into it will my check go up next year
V.V.
Hi Gerald, thank you for using our blog to ask your question. Each year we review the records for all Social Security recipients who work. If your latest year of earnings turns out to be one of your highest years, we refigure your benefit and pay you any increase due. This is an automatic process, and benefits are paid in December of the following year. For example, in December 2021, you should get an increase for your 2020 earnings if those earnings raised your benefit. The increase would be retroactive to January 2021.
Check out our Receiving Benefits While Working web page for more details.
Leonel
Thank God, i retired at 65 check and medicare, now at almost 72 get invited to apply for jobs, but my legs hurt so i go
to the Gym
John R.
Hi….I’m 63 and currently retired with a pension. I understand that I will be penalized by the WEP formula when I do decide to take SS. My question is….I realize I am not contributing to SS and I wouldn’t see an increase in my future benefits as shown by mySS account due to that but….shouldn’t I see those future benefit estimates increase based on the yearly colas? If I’m not yet taking SS and are of age to do so….do I not see any increases based on colas alone. They haven’t reflected an increase in some time and most definitely not the beginning of this year and cola.
Thank you,
John Dzielski
John J.
Those who currently receive paymants are covered under the COLA. If your work history does not change, the amount you will initially receive will not change.
Jeanne
Are you saying that just because the taxpayer is no longer contributing, but have not yet been receiving, they do not receive the COLA increase?
What if they start receiving? but still not contributing? they then DO receive the annual COLA?
Please explain?
P.H.
Hi John. Thank you for the question. You’re eligible for cost-of-living benefit increases starting with the year you become age 62. This is true even if you don’t get benefits until your full retirement age or even age 70. We add cost-of-living increases to your benefit beginning with the year you reach 62. Benefits are adjusted yearly to reflect the increase. Check out our publication for details on How Your Retirement Benefit is figured.
A pension based on work that is not covered by Social Security (for example, Federal civil service and some State or local government agencies, such as police officers and some teachers) may cause the amount of an individual’s Social Security benefit to be reduced. For more information on the Windfall Elimination Provision and how benefits are reduced check out our publication. We hope this helps.