On April 22, 2019, 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 funds are projected to become depleted in 2035, one year later than projected last year, with 80 percent of benefits payable at that time. The DI Trust Fund is estimated to become depleted in 2052, extended 20 years from last year’s estimate of 2032, with 91 percent of benefits still payable.
In the 2019 Report to Congress, the trustees also announced:
- The asset reserves of the combined OASI and DI Trust Funds increased by $3 billion in 2018 to a total of $2.895 trillion.
- The total annual cost of the program is projected to exceed total annual income, for the first time since 1982, in 2020 and remain higher throughout the 75-year projection period. As a result, asset reserves are expected to decline during 2020. Social Security’s cost has exceeded its non-interest income since 2010.
- The projected actuarial deficit over the 75-year long-range period is 2.78 percent