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Social Security 2021 Trustees Report

August 31, 2021 • By

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Last Updated: August 31, 2021

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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.

Please share this information with your family and friends – and post it on social media.

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About the Author

Stephen C. Goss, Chief Actuary

Stephen C. Goss, Chief Actuary

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Comments

  1. Neha

    thanks for providing good article
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  2. Mrs.whats-her-face

    Why can’t we look up social security administration employees is hard to trust the internet and even so much as a phone call the only way to hear confirmation that an employee is who they say is only confirmed by there coo workers who you can’t see in person so who is mrs dragoo

    • A.C.

      Hi. Generally, we will only contact you if you have requested a call or have ongoing business with us. Recently, scams—misleading victims into making cash or gift card payments to avoid arrest for Social Security number problems—have skyrocketed. Our employees will never threaten you for information or promise a benefit in exchange for personal information or money. you receive a suspicious call like this: 1) Hang up. 2) Do not provide personal information, money, or retail gift cards. 3) Report suspicious calls on the Office of Inspector General page . For more information on how to protect yourself, check out our Frequently Asked Questions. We hope this helps.

       

       

  3. michael

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  4. Maria F.

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  5. Denny

    In previous Trustees reports there was a specific section which identified the budgetary implications on the General Fund from the shortfall of SS and Medicare. As I recall that number was $465 Billion in the 2020.

    Why was that section and number taken out and is there a way to calculate it based on those numbers that are provided?

    Thanks.

    • P.H.

      Hi Denny. Thank you for your question. You can find more information on our website under the heading Summary of the 2021 Annual Reports. We hope this information is helpful.

  6. Sarah B.

    Stop garnishing our checks if this is going to happen

    • V.V.

      Hi Sarah, thanks for using our blog. We can withhold Social Security benefits to enforce a beneficiary’s legal obligation to pay child support. However, State laws determine a valid garnishment order. By law, we garnish current and continuing monthly benefits. We do not make retroactive adjustments. We hope this helps.

      • Crystal M.

        I’m on ssi and I’m wondering are we going to get a good size increase I can’t live on what I get I only get 635 a month cause I take care of my roommate thank you for your time .

        • P.H.

          Hi Crystal. It sounds like you are referring to a Cost-of-Living Adjustment (COLA). We will not know if there will be a COLA for 2022, and if so the amount of the COLA, until the Department of Labor releases information on inflation for the past year. For the latest news and updates, check out our Cost-of-Living Adjustment (COLA) information web page. Thanks!

  7. Marie

    I’m 23 yrs old and it’s hard for me to work properly even while I’m at home due to my back i L 2 and L3 has inflammation where the disc are at and you have curvature in your spine and would like to discuss what I need to do to get social security and to see if it’s even possible to do so at my young age. And if it is what all the proper stage I need to go through to get it and how much I will be getting.

    • P.H.

      Hi Marie. We are sorry to hear about your condition. Social Security pays disability benefits to people who are unable to work because of a medical condition that is expected to last one year or more. We pay disability benefits through two programs: the Social Security Disability Insurance program (SSDI) and the Supplemental Security Income (SSI) program. To qualify for SSDI benefits, you must have worked long enough and recently enough in jobs covered by Social Security (usually within the last 10 years). The SSI program is a needs based program that gives cash assistance to disabled individuals with limited income and resources. If you think you may be eligible to receive disability benefits and would like to apply, you can use our online application.

      If you are unable or would rather not apply online, you can call us at 1-800-772-1213 for assistance or you can contact your local Social Security office. Please look for the general inquiry telephone number at the Social Security Office Locator. The number may appear under Show Additional Office Information. Please be aware that our call wait times are longer than normal.

      Finally, you can create a personal my Social Security account to review estimates of your retirement, disability, and survivors benefits, your earnings record, and the estimated Social Security and Medicare taxes you’ve paid. We hope this information helps.

  8. Bob

    Where do I find that actual report?

  9. Donald M.

    So what happens to citizens who have contributed consistently via payroll taxes to Sec Sec in 2034? Are their benefits going to be reduced after that? Why does not the report give information about that? Or is that in another document?

    • P.H.

      Thanks for your question.  According to the Social Security Board of Trustees, the combined assets of the Social Security trust funds are projected to be depleted in 2034.  If Congress does not act before then, there will only be sufficient income coming in to pay 78 percent of scheduled benefits.  For more information, check out the 2021 OASDI Trustees Report web page. We hope  this helps.

      • M. R.

        So if that’s the case they don’t stop taking our taxes for our social security. Let us take care of our own money. They are taking our hard earned money and then have the nerve to tell us is going to be depleted.

        • Dots

          Agree
          I remember when I was a kid and old folks complaining about being forced to pay into this and not trusting the government with their $$$

          • maxx

            Good thing that people are forced to pay, otherwise most of the “complainers” would have nothing. SSA is good INSURANCE against one’s own inability to save or just plain bad luck. Thank the early populists from the late 19th and early 20th centuries.

      • Wayne

        Maybe our government needs to stop sending billions of dollars to other countries and take care of our own people. Social security would be solvent if our government had not been robbing it of funds over the years.

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