Trust Fund Reserve Gains One Year for Projected Depletion Date
Reading Time: 2 MinutesLast Updated: August 19, 2021
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.
As a quick refresher: The Social Security trust funds include the Old Age and Survivors Insurance (OASI) fund and the Disability Insurance (DI) fund. Benefits to retired workers and their families, and to families of deceased workers, are paid from the OASI trust fund. Benefits to disabled workers and their families are paid from the DI trust fund.
The report shows that, combined, the funds now have an additional year – from 2033 to 2034 – before their reserves are depleted. The Old Age and Survivors fund alone also gets an extra year from 2034 to 2035.
Some factors that led to this improvement include (1) faster growth in average wages in the future, because of slower growth in employees’ private health insurance cost – due at least in part to provisions of the Affordable Care Act, and (2) improvements in how we project the earnings of American workers by age.
The DI fund is still projected to deplete its reserves late in 2016. After that, the income collected through taxes will be enough to pay only 81 percent of the scheduled benefits. So, an adjustment to maintain full disability benefits is needed soon.
The president has proposed temporarily reallocating more of the total Social Security payroll tax rate to the disability fund to give Congress more time to consider comprehensive changes to the Social Security program as a whole.
The Social Security program is sustainable, but needs some adjustments. To keep the program solvent after 2034, Congress could choose to increase payroll taxes by about one-third, reduce benefits by about one-fourth, or make some combination of these or other adjustments.
Because of the importance of Social Security to all Americans, we can be confident that Congress will make timely and well-considered adjustments, just as they have whenever needed since 1935.
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Tags: Affordable Care Act, social security, SSA
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Stephen C. Goss, Chief Actuary
Stephen C. Goss, Chief Actuary
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Tesisatçı .
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Detaylar: Tesisatçı
Nelson N.
I Talked To My Insurance And They Told Me That I’m Intitle To Receive More Than What I’m Getting Now Cause I Worked All My Life And Only Recieving $190.25 SSI & Now I’m Only Going To Receive $655.00 From My Social They Told Me I Should Get More Than That , Like To Know How Can I Get An Increase On Both SSI & My Social , Thank You !!!
V.V.
Hi Nelson, thank you for the question. A Social Security retirement benefit is calculated by using your highest 35 years of earnings. If you do not have 35 years of earnings, we will use all of the earnings on your record and factor in an annual total of $0.00 earnings for each of the remaining years. Check out our factsheet “Your Retirement Benefit: How It Is Figured” for additional details.
puji m.
Masih belum pulihnya kurs mata uang Rupiah terhadap dollar AS berpengaruh terhadap Harga Pokok Produksi (HPP). Termasuk HPP material bangunan seperti besi, baja, dan juga harga beton pra cetak (precast). PT Wika Beton berencana menaikkan harga konblok rumput sebesar 7 persen hingga 10 persen yang akan berlaku tahun ini.
Jean R.
I told you guys around two years ago that I was the only legitimate Roberson alive I know I don’t have any family t speak of but my three kids joe edward and gloria that is the only family I have so all the other Roberson’s are frauds used to keep me from my inheritance
Sandra Z.
I’m about to lose My mind Stress Pain VICTUM OF OCWEN HOME FRAUD CORRUPTION !!!! Paying Lawyers that HAD EVIDENCE OF FRUAD SUMMITED GREAT EVIDENCE , OPPOSING COUNSEL PEIRCE LAWFIRM WINS ALWAYS Purchased Court Docket and ALL EVIDENCE FORGED DOCUMENTS AND SIGNATURES, Tranfered loan 4xs LOST HOME AND CREDIT RUINED PUT OFF 2 NECK SURGERY Because of GREAT CASE AND AFTER COURT ALLOWED OPPOSING COUNSEL GETaway with LIEING TO COURT AND STOLE MY HOME !!! Senator Requested Investigation and FBI aware of scam and FTC CFPB BBB States Attorney ALL KNOW ABOUT OCWEN , I’ve been on WGBNEWS DOCUMENTARY AND ARTICLES WHO CAN HELP ME??? I met Lawyers left firm.PEIRCE starting Tired of stealing HOMES!!!!! Because MRLP HAS POWER and Money MY LIFE INVESTMENT STOLEN !!!! Wonder WHY BEST PEOPLE SNAP !!!!!! I’m Sick and Exhausted Fighting The System DECEPTIVE PRACTICE WHERE ARE MY CONSTITUTIONAL RIGHTS ???? This is a NATIONAL EPIDEMIC AND GOVERNMENT IS RESPONSIBLE FOR BANKS AND LEBDERS ” Says on My LOAN DOCUMENTS . CFPB never Investigated , Response Struggling with PAYMENTS NEVER MISSED ONE PAYMENT
WILL ANYONE LISTEN OR CARE ???? LOST HOME CREDIT RUINED CANT GET RENTAL !!! Hope I can SPEAK W CONGRESS , Judge Admitted he Never looked at Evidence submitted Took OVER After 4 years And ENTERED DEFAULT ON MY FAMILY !!! Horrible INJUSTICES !!!!
Ocwen admitting they? Where wrong But LAWYERS ALREADY TRANSFERRED LOAN AGAINST FDCPA LAW
SINCERELY YOURS SANDRA ZBONSKI
Joe E.
When will congress replace the monies borrowed from S.S. that started during the Nixon administration. When it was said that S.S. had a surplus.In real life there is never any surplus in a trust account. There will always be a unexpected need for the proceeds , for the intended people in the system. Please try to stop congress from using a portion of the S.S. trust fund to help balance the annual budget, that they never stick to anyway.
Thank you for this platform, there is little we can do as citizens, and we have to rely on the integrity and ethical backbone of our elected officials. there are so many good folks working in congress that never stand up, never speak out because they are no strong enough. Hope that maybe some day they will.
A.C.
Hi, Joe. Thanks for your comments. Social Security is a pay-as-you-go system. Social Security taxes collected from today’s workers pay the benefits of today’s retirees. Any funds in excess of what is needed to pay today’s benefits are invested in special issue, U.S. Government, interest-bearing securities. This investment – the purchase of U.S. Government securities – is what constitutes the “borrowing” that people are sometimes concerned about. Any funds that have been “borrowed” from the Social Security Trust Funds have always been paid back in full, plus interest. Please check out our Trust Fund Frequently Asked Questions page for more information. We hope this helps.
KIP A.
Dear Mr. Goss,
I am 63 , I have been personally investigating the
issues of both Social Securty and Medicare for the past six plus years and I am at lose for why this nations U.S Congress Never Once to date have
acknowledge to the american tax payer the role and responsibility that the nations Insurance Origination
plays in leading to the certain collapse of Social Security as we know it.
In Short, All parties involved in the operations and
funding of Our S.S.A Bail Out ALL Insurance Leaders I prefer to simply call THE WORLD INSURANCE Machine.
I receive S.S.D and still have a very active Workers
Compensation case in New York after 12 long years.
I have been informed by every attorney that has been involved with my W.C Case since 2007 that I should take the easy way out and apply for S.S.D
I’ve fired 4 law firms that support putting the financial burden on S.S.D tax payers rather then hold my Insurance carrier financial responsible.
This practice takes place in all fifty states in this nation ( Daily ) After years of digging into thousands
of records available to myself and often all general public citizens I very recently obtained proof of inside flaws and very possible corruption with in Medicare and when I challenged medicare recently
to explain actions pertaining to their approval of a proposal from the second largest Insurance carrier
in the nation ( SECTION 32 proposal ) They should
have knowingly realized their decision would cost Medicare a 200,000.00 lose and possibly much more. I received mail from Medicare CMS informing me that a review would require from two
months up to possibly one year to verify that medicare and myself would be protected.
Officially 9 days later the proposal was approved by
Medicare. Prior to this issue I have notified Medicare of improper billing and double billing to
their agency and as of yet the only person to suffer
harm from my ( whistle Blowing ) has been myself.
I started out on a mission to help save S.S.A and
Medicare hundreds of millions of dollars.
My mistake was of underestimating just how fare up the food chain greed and corruption has spread in this nation.
My health is now very poor and I may not live long enough to see any group or individual held responsible for their actions against myself or the American people , I have attempted for the past five years to gain support from officials from private and
government agencies and just in the past three years I have been rejected by more then fifty nation wide law practices , I have stood up to Billion dollar
agencies and my current net worth is a meager
564.13 dollars now presently in my bank. I have fought well with so little, My own personal prayer would be that Americans awaken from their comma
before it will be too late. Thank you .
Kip A. H
pr
Thank you Chief Goss for updating Americans about Social Security depletion date. Now, we can decide, among other things, who we want as our next president.
pr, immigrant and
Naturalized USA Citizen
david g.
what is this ACO?