By Kirk Larson Social Security Washington Public Affairs Specialist
Recently, the Social Security Board of Trustees released its annual report to Congress presenting the financial status of the Social Security trust funds for the short term and over the next 75 years. The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034 with 77 percent of benefits payable at that time.
In the 2017 Annual Report to Congress, the Trustees announced:
• The asset reserves of the combined OASDI Trust Funds increased by $35 billion in 2016 to a total of $2.85 trillion. The combined trust fund reserves are still growing. Beginning in 2022, the total annual cost of the program is projected to exceed income.
• Total income, including interest, to the combined OASDI Trust Funds amounted to $957 billion in 2016.
• The projected actuarial deficit over the 75-year long-range period is 2.83 percent of taxable payroll.
• The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034 – the same as projected last year. At that time, there will be sufficient income coming in to pay 77 percent of scheduled benefits.
“It is time for the public to engage in the important national conversation about how to keep Social Security strong,” said Nancy A. Berryhill, Acting Commissioner of Social Security. “People understand the value of their earned Social Security benefits and the importance of keeping the program secure for the future.”
To learn more about the 2017 Trustees Report go to www.socialsecurity.gov/OACT/TR/2017/.
Kirk Larson is a Social Security Administration Public Affairs Specialist located in Seattle and serving Western Washington.