Friday, August 8, 2014
Social Security Trust Fund Depletion
4:15 pm edt
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 2033, unchanged from last year, with 77 percent of benefits still payable
at that time. The DI Trust Fund will become depleted in 2016, also unchanged from last year's estimate, with 81 percent of
benefits still payable.
In the 2014 Annual Report to Congress, the Trustees announced:
The combined trust fund reserves are still growing and will continue to do so through 2019. Beginning with 2020,
the cost of the program is projected to exceed income.
The projected point at which the combined trust fund reserves
will become depleted, if Congress does not act before then, comes in 2033 – the same as projected last year. At that
time, there will be sufficient income coming in to pay 77 percent of scheduled benefits.
The projected actuarial
deficit over the 75-year long-range period is 2.88 percent of taxable payroll -- 0.16 percentage point larger than in last
"The projected depletion dates of the Social Security Trust Funds have not changed, and three-fourths
of benefits would still be payable after depletion. But the fact remains that Congress can ensure the long-term solvency
of this vital program by taking action," said Carolyn W. Colvin, Acting Commissioner of Social Security. "The
Disability Insurance Trust Fund's projected depletion year remains 2016, and legislative action is needed as soon as possible
to address this financial imbalance."