Social Security 2023 Trustees Report
Reading Time: 1 MinuteLast Updated: March 31, 2023
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.
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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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Brack C.
I have the solution: Everyone pay taxes based off a percentage of your income. No deductions no exceptions.
Sue S.
Agree, except it would be a regessive tax if the people with the least income paid the same percent as wealthier people. If there could be an adjustment for the very low income, I can see this as being a true fix.
Rebecca R.
People/ children who have never paid into the system should be paid from a different source. Catastrophic illnesses, disabled (that have made no contribution), HIV, disabled children and so forth. I’m not against anyone receiving government help. Just don’t help yourself to my hard earned money, if you didn’t work.
SSI retirement is an entitlement we earn through working. We have to document proof that we worked 40 quarters. SSI should not be capped and the age of retirement should not be changed. I get it’s not a salary but a supplement. Pay me what I paid in all these years, with the interest earned and I will manage my own money. We reap what we sow.
What happens to he funds of those that worked and contributed during COVID and passed away? How about the seniors that passed and had no spouse or a spouse who already received a check. That is not SSI monies to keep. Who gets the leftovers…The interest alone should be given back.
JB
I agree…those of us that busted tail for many years should have to finance freeloaders.
JB
I agree…those of us that busted tail for many years should NOT have to finance freeloaders. (Disregard last comment).
Richard H.
The Fund is a cookie jar for politicians who can borrow from it to fund pet “vote/bribe” getting projects. This is what happens when a poorly informed public gets to select their own bosses. It is no longer a bloodless situation. Stop political borrowing.
Nancy M.
In my opinion, those who have worked and paid into social security.. that is our money. If it is determined, we can collect early due to a disability, this is SSDI and that is also our money. Money the US Government “ borrowed” ….in the form of a tax with the understanding by law, they were to pay back in monthly installments when we applied and completed the necessary paperwork and awarded our Social Security. I do not like it when it is called an “entitlement” it is OUR money that came straight from our hard earned paychecks! And as difficult as it is, a lot of us are still paying into Social Security because we must work part time to make ends meet. Seems to me, if the US Government defaults on our monthly social security payments, we need to take legal action. Much like they would do, if we owed them money and decided not to pay it back. Good grief, what have they been doing with our money all these years?
HP
You appear to be misinformed. First “SSI” is Supplemental Security income” and not.paid from social security funds, and is based on income/assets, not working and paying into SS.
Those who never paid into FICA, the SS trust fund, are not eligible, unless as a widow or young surviving child of a worker who paid in.
And for everyone who dies before collecting, there is someone who reaches 100 and gets more than they paid in. It balances out.
E. S.
AND GET ALL THE MILLIONAIRES OFF SS. There are thousands of them in the U.S. and removing them alone would help greatly. They don’t need it !!!!
bob_B
Yes, I do need SS, it makes sure I can live in the lifestyle I have earned through my hard work and paying into SS over my entire working career. My family scrimped and saved over my working career to make sure we had enough for retirement and would not need to go on Medicaid or any other handout programs that taxpayers have to pay for.
Donna
I’m still amazed that they give SS to ex wives if you were. married ten years. I know someone that was married three times and his first two will be able to collect his SS as long as they don’t remairry before 60
KC
Social Security $ is placed into the
“General Fund”. This is how the government gets access to this $. They’ve spent this $ for years. Then refuse to put that $ back. This is not confidiential
info. Look for it & you’ll find it.
Politicians spend $ freely because they didn’t earn it & are granted access to it. Retirement is rising. That’s additional stress to Social Security. That is not where the problems started. Hold these politicians accountable. They would quickly hold you responsible for the same offense.
Beth M.
I absolutely agree!!! Social Security isn’t a piggy-bank or savings account that politicians can use when it suits them. They need to repay every $ ‘borrowed’ plus interest and no longer have access to these funds.
Joel O.
I agree totally to that. There should be no political free lunch since salaries are concerned.
JENNIFER
Yeah I agree people that have not worked a day in their life should not be even getting Social Security disability and why would Social Security be depleting anyway because we’ve all paid into it it should not deplete at all. That’s a bunch of crap the government is crooked I hate the government but the Social Security should not be depleting. That’s a bunch of s*** because we all pay into it our whole working lives
Jonson@gmail.com
I have to pee
Jenn
That is funny I have to pee too
GR21212
They can send millions to the Ukraine, millions of foreigners can come here and get a free education and help with housing, But the government can’t help their own people who were foreigners at one time.
Vanessa
I agree. My mum always said we need to keep to ourselves and let the others fight their own battles.
Should have put that money sat was sent out to the Ukraine way towards Social Security.
Yvonne P.
The only thing that Social Security should be used for are the retirees that are required to pay into the system. This is not a “chunk of money” that the government can take to balance out the budget. Our representatives and senators would never think to rob Peter to pay Peter with their pension money, why should they be allowed to play with ours.
This needs to stop!!
Daniel B.
Good I’m trying to access my social security online
Diana L.
According to http://www.ssa.gov “The only purposes for which these trust funds can be used are to pay benefits and program administrative costs. The Social Security trust funds hold money not needed in the current year to pay benefits and administrative costs and, by law, invest it in special Treasury bonds that are guaranteed by the U.S. Government.” “A market rate of interest is paid to the trust funds on the bonds they hold, and when those bonds reach maturity or are needed to pay benefits, the Treasury redeems them.” What we need to stop is misinformation and the spread of it.
Mousielove
Totally agree! I’d like to see the cap ended. Meaning that everyone pays that percentage into FICA out of their paychecks – ANY salary! That would go a long way towards helping to rebuild the funds that have been squandered.
Dorie G.
We had to work 40 qts to be able to get our Social Security and Medicare, everyone should have to do that also, its not a bit fair to the Americans people that had to work that long to get it, All the money borrowered from it should be paid back with interest, also everyone who get a salary I dont care how rich they are or how muck money they made should pay into Social Security if they plan on drawing from it when they get old enough.
Sandra
Social Security made an error on my account and has owed me $2127 since December. Every time I call I get a different story. I see people in the office who can’t speak English getting benefits after I paid all my working life!
Jo A.
I can’t help but wonder: We lost hundreds of thousands of seniors to Covid who were receiving Social security benefits. That would mean millions that no longer was paid out. If our politicians would stop using Social Security as their own personal slush fund, it could become solvent. Our representatives have failed miserably in performing their fiduciary duties to us.
KKC
Thank you for a practical observation.
VDB
Could not agree more. It’s a travesty what they a
are doing to the present and future retirees.
Jeannette G.
You sure got that right.
Fred P.
Our ‘Representitives’ have been failing us for years and years, however we keep voting them in! Will someone please tell me how this will promote change in DC!
Diana L.
Politicians cannot use Social Security for a slush fund. There are laws protecting what is paid into it. The problem comes when there are more people retiring and in need of it than there are in the working world that support it. This is where immigration can really help. Not only will new U.S. Citizens help our system but they can also benefit. Americans have small families today, therefore fewer going into the workforce, and it cannot support what is needed to pay out Social Security Benefits to the Baby Boomer generation, including increases due to inflation. Something to think about.
Lisa
This issue is affecting not only social security but businesses, especially small business as the labor force is not large enough. Driving wages up and putting small business at risk. We have seen many closures due to lack of labor in my area.
Immigration could help if we acclimate them correctly. The US does not do a good job of acclimating immigrants to our culture.
Diana L.
Good point!
Marilyn
Politicians can and do STEAL from SS!! They make the laws and somehow think they can do as they please! SS $$ SHOULD NEVER BE TOUCHED! Politicians should have to contribute if they plan to take from it!!!
Sam C.
Totally agree!
Joe M.
Agreed! This YOUR $$$$. The Government should not have access to it as a slush fund.
Ricardo F.
Following the link to the 2023 trustees report: https://www.ssa.gov/oact/TR/2023/index.html
KKC
Appreciated, thank you for sharing.
James F.
Where is the trustees report? Please provide instructions on how to access the report within this website.
Marc
You just click on it in the blog post. I just read it from there and came back here.
Ricardo F.
Hi James,
This is the link to the report webpage https://www.ssa.gov/oact/TR/2023/index.html
A.C.
Hi, James. Thanks for your question. For more information and to view the 2023 Trustees Report, please visit our website here. Thanks, again.
Hugo L.
This notice is terrible for people receiving benefits from the Social Security, while Richest people and our goverment have money to give to foreign people , the money that belong to us.. What a pitty.
H. G.
Stop voting for the party that is telling you they want to end social benefits, such as social securty.
DJ K.
And vote for the party that promises continuous Social Security benefits until insolvency. The same party that’s allowed millions of illegals into the country in the last 2 years.
KKC
The current administration has been saying the opposition party in the US Congress are doing damages to our Social Security and Medicare. The opposition accuse the current administration of printing money and forcing inflation rate and interest rates high, which is a form of taxation without representation.
Marc
Yes indeed, stop voting for Republicans who have introduced several bills to end Social Security and Medicare.
joe
You have no idea what you are talking about. Please show me even one bill that has been introduced to end SS or Medicare. There are NONE.
Vanessa
These politicians must gave family members that that are on Social Security. I bet these family members are not happy about what their family members are doing.
Karen S.
I am assuming you mean Republicans? The Republican Party is coming forth with the difficult decisions on CHANGES to the SS system to prevent the inevitable insolvency if nothing is done. The party does NOT want to END the program, just modify it to prevent insolvency.
To claim they want to end it is deliberate misinformation for political posturing. I am sharing this report on social media to focus on the facts.
Chad L.
I feel the paperwork for SSDI That My Doctor Filled out Should be good, Up to four years, Every 18 months This paperwork has to be filled out, I have many Disabilities, including Schizophrenia, I tried as best as, I could,To fill out the paperwork, and send back, I pray and hope SSA employees understand, I appreciate and pray for each and every one of you Thank you so much,
Have a Blessed Beautiful Day, 💗
KKC
Thank you Chad, back at you too.
Richard H.
You better hope that the latest SSA AI package understands. A human may never see your comment.