The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, the same as projected last year, with 77 percent of benefits payable at that time. The DI Trust Fund will become depleted in 2028, extended from last year's estimate of 2023, with 93 percent of benefits still payable.
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 and will continue to do so through 2021. Beginning in 2022, the total annual cost of the program is projected to exceed income.
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."