The Social Security Board of Trustees released Friday its annual report on the financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance trust funds are projected to become depleted in 2033, one year sooner than last year\u2019s estimate, with 77% of benefits payable at that time. The DI Trust Fund asset reserves are not projected to become depleted during the 75-year projection period.<\/p>\n
In the 2023 annual report to Congress, the trustees announced:<\/p>\n
\u2022 The asset reserves of the combined OASI and DI Trust Funds declined by $22 billion in 2022 to a total of $2.830 trillion.<\/p>\n
\u2022 The total annual cost of the program is projected to exceed total annual income in 2023 and remain higher throughout the 75-year projection period. Total cost began to be higher than total income in 2021. Social Security\u2019s cost has exceeded its non-interest income since 2010.<\/p>\n
\u2022 The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034. At that time, there would be sufficient income coming in to pay 80% of scheduled benefits.<\/p>\n
\u201cThe trustees continue to recommend that Congress address the projected trust fund shortfalls in a timely fashion to phase in necessary changes gradually,\u201d said Kilolo Kijakazi, acting commissioner of Social Security. \u201cSocial Security will continue to play a critical role in the lives of 67 million beneficiaries and 180 million workers and their families during 2023. With informed discussion, creative thinking, and timely legislative action, Social Security can continue to protect future generations.\u201d<\/p>\n
Other highlights of the trustees report include:<\/p>\n
\u2022 Total income, including interest, to the combined OASI and DI Trust Funds amounted to $1.222 trillion in 2022. ($1.107 trillion from net payroll tax contributions, $49 billion from taxation of benefits, and $66 billion in interest) <\/p>\n
\u2022 Total expenditures from the combined OASI and DI Trust Funds amounted to $1.244 trillion in 2022.<\/p>\n
\u2022 Social Security paid benefits of $1.232 trillion in calendar year 2022. There were about 66 million beneficiaries at the end of the calendar year.<\/p>\n
\u2022 The projected actuarial deficit over the 75-year long-range period is 3.61 percent of taxable payroll\u2014higher than the 3.42 percent projected in last year\u2019s report.<\/p>\n
\u2022 During 2022, an estimated 181 million people had earnings covered by Social Security and paid payroll taxes.<\/p>\n
\u2022 The cost of $6.7 billion to administer the Social Security program in 2022 was a very low 0.5% of total expenditures.<\/p>\n
\u2022 The combined trust fund asset reserves earned interest at an effective annual rate of 2.4% in 2022.<\/p>\n
The board of trustees usually comprises six members. Four serve by virtue of their positions with the federal government: Janet Yellen, secretary of the Treasury and managing trustee; Kilolo Kijakazi, acting commissioner of Social Security; Xavier Becerra, secretary of Health and Human Services; and Julie Su, acting secretary of Labor. The two public trustee positions are currently vacant.<\/p>\n
View the 2023 Trustees Report at www.socialsecurity.gov\/OACT\/TR\/2023\/. (SSA)<\/p>\n","protected":false},"excerpt":{"rendered":"
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