On July 13, 2017, the Social Security Board of Trustees released its annual report on the current and projected financial status of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds.
The combined asset reserves of the 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.
In the 2017 Report to Congress, the trustees also announced:
-The combined trust fund reserves are still growing and will continue to do so through 2021. Beginning in 2022, the annual cost of the program is projected to exceed income.
-The DI trust fund will become depleted in 2028, extended from last year’s estimate of 2023, with 93 percent of benefits still payable.
-The projected actuarial deficit over the 75-year long-range period is 2.83 percent of taxable payroll – 0.17 percentage point larger than in last year’s report.
You can view the full 2017 Trustees Report at www.socialsecurity.gov/OACT/TR/2017/.
By: Thomas A. Klint of Premier Disability Services, LLC®