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No Change in Projected Year of U.S. Social Security Trust Fund Reserve Depletion

Author: The United States Social Security Administration : Contact: www.ssa.gov

Published: 2014-07-30

Synopsis and Key Points:

The U.S. Social Security Board of Trustees releases its annual report on the long-term financial status of the Social Security Trust Funds.

Main Digest

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 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."

Other highlights of the Trustees Report include:

The Board of Trustees is comprised of six members. Four serve by virtue of their positions with the federal government: Jacob J. Lew, Secretary of the Treasury and Managing Trustee; Carolyn W. Colvin, Acting Commissioner of Social Security; Sylvia M. Burwell, Secretary of Health and Human Services; and Thomas E. Perez, Secretary of Labor. The two public trustees are Charles P. Blahous III and Robert D. Reischauer.

The 2014 Trustees Report - www.socialsecurity.gov/OACT/TR/2014/

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