Tuesday, June 26, 2018

Social Security Trust Funds Expected to Be Depleted by 2034


The Social Security Board of Trustees released its annual report on the financial health of Social Security’s combined trust fund reserves this month. The Old Age and Survivors Insurance and Disability Insurance (“OASDI”) trust funds are expected to be depleted in 2034. At that time, recipients would only be eligible for 79 percent of their estimated benefits unless Congress takes action to strengthen the programs that fall under the Social Security Administration’s (“SSA’s”) umbrella. This expected depletion date aligns with the predictions from last year.


Last year alone, SSA paid out $941 billion to 62 million beneficiaries. Total expenditure by SSA for 2017 amounted to over $952 billion. SSA brought in a total income of $997 billion for 2017.


No one knows what SSA’s future looks like. After all, the program is 83 years old and has undergone various adaptations over the years. SSA will undoubtedly continue to evolve over the next 16 years as we approach the expected depletion date.


While SSA has helped countless numbers of retirees and disabled individuals since 1935, there is no guarantee that it will continue to exist in the exact format that we are used to seeing. Keep in mind that the programs administered by SSA were never meant to be complete income replacement programs. Rather, SSA is set up to operate like any other insurance program and is meant to supplement people’s savings and other private investments. Thus, it is important to continue to try to save for your future independently to what you expect to receive from SSA down the line. After all, you have no idea what SSA will look like by the time you retire or if you are affected by disabilities.



For more information and statistics in regards to SSA’s annual report, please visit: https://www.ssa.gov/news/press/releases/2018/#6-2018-1



Got a question about SSDI or SSI that you need us to answer? Please check out our website at www.westcoastdisability.com . We try to provide you with helpful information on our website that will allow you to successfully navigate the Social Security Disability process. Also, feel free to email me your questions at megan@westcoastdisability.com or call me at (800) 459-3017 x 103.