2022 OASDI Trustees Report

C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2031

Tables VI.C1, VI.C2, and VI.C3 contain details of the fiscal year 2021 operations of the OASI, DI, and the combined OASI and DI Trust Funds, respectively. The fiscal year for the U.S. Government is the 12-month period ending September 30. Fiscal year 2021 is the most recent fiscal year for which complete information is available. The descriptions of the values in these tables are similar to the corresponding descriptions and values in the calendar year operations tables in section III.A. Please see that section for a description of the various items of income and cost.

Table VI.C1.—Operations of the OASI Trust Fund, Fiscal Year 2021

[In millions]

Total asset reserves, September 30, 2020					$2,811,181
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$837,537
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refund		-6,413
			Net payroll tax contributionsa		831,124
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		2
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		2
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		242
		All other, not subject to withholdinga		34,081
			Total income from taxation of benefitsa		34,323
	Investment income and interest adjustments:
		Interest on investments		70,535
		Interest adjustments c		1
			Total investment income and interest adjustments		70,536
	Gifts				b
Total income					935,985
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		982,706
		Reimbursement from the General Fund for unnegotiated checks		-48
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		14
			Net benefit paymentsd		982,673
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,792
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	3,390
			Department of the Treasury	524
		Offsetting miscellaneous receipts		-7
		Miscellaneous reimbursements from the General Fund e		-4
			Net administrative expenses		3,902
Total cost					991,367
Net increase in asset reserves					-55,383
	Total invested assets			2,755,785
	Undisbursed balancesf			14
Total asset reserves, September 30, 2021					2,755,799

---

a

Includes adjustments for prior years. In June 2021, an unusually large negative adjustment to payroll tax contributions in the amount of $30,380 million was made because payroll tax revenue credited to the trust fund in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the General Fund account for the Supplemental Security Income program, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI program.

f

A positive balance represents a situation where the invested securities of the OASI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

Note: Components may not sum to totals because of rounding.

Table VI.C2.—Operations of the DI Trust Fund, Fiscal Year 2021 

[In millions]

Total asset reserves, September 30, 2020					$97,063
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$142,280
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refund		-1,085
			Net payroll tax contributionsa		141,195
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		b
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		b
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholdinga		475
			Total income from taxation of benefitsa		479
	Investment income and interest adjustments:
		Interest on investments		2,716
		Interest adjustmentsc		2
			Total investment income and interest adjustments		2,719
	Gifts				—
Total income					144,392
Cost:
	Benefit payments:
		Monthly benefitsd		140,676
		Reimbursement from the General Fund for unnegotiated checks		-26
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		92
			Net benefit paymentsd		140,742
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				107
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,439
			Department of the Treasury	93
		Demonstration projects		12
		Miscellaneous reimbursements from the General Fund e		-1
			Net administrative expenses		2,543
Total cost					143,393
Net increase in asset reserves					999
	Total invested assets			98,032
	Undisbursed balancesf			30
Total asset reserves, September 30, 2021					98,063

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a

Includes adjustments for prior years. In June 2021, an unusually large negative adjustment to payroll tax contributions in the amount of $5,155 million was made because payroll tax revenue credited to the trust fund in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the General Fund account for the Supplemental Security Income program, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the DI program.

f

A positive balance represents a situation where the invested securities of the OASI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

Note: Components may not sum to totals because of rounding.

Table VI.C3.—Operations of the Combined OASI and DI Trust Funds, Fiscal Year 2021 

[In millions]

Total asset reserves, September 30, 2020					$2,908,245
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$979,817
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refund		-7,499
			Net payroll tax contributionsa		972,318
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		2
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		2
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		245
		All other, not subject to withholdinga		34,556
			Total income from taxation of benefitsa		34,801
	Investment income and interest adjustments:
		Interest on investments		73,252
		Interest adjustmentsc		3
			Total investment income and interest adjustments		73,255
	Gifts				b
Total income					1,080,377
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		1,123,382
		Reimbursement from the General Fund for unnegotiated checks		-73
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		107
			Net benefit paymentsd		1,123,415
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,900
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	5,829
			Department of the Treasury	617
		Offsetting miscellaneous receipts		-7
		Demonstration projects		12
		Miscellaneous reimbursements from the General Funde		-5
			Net administrative expenses		6,445
Total cost					1,134,760
Net increase in asset reserves					-54,383
	Total invested assets			2,853,817
	Undisbursed balancesf			45
Total asset reserves, September 30, 2021					2,853,862

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a

Includes adjustments for prior years. In June 2021, unusually large negative adjustments to payroll tax contributions in the amount of $35,536 million were made because payroll tax revenue credited to the trust funds in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust funds and the General Fund account for the Supplemental Security Income program, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust funds.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI and DI programs.

f

A positive balance represents a situation where the invested securities of the OASI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

Note: Components may not sum to totals because of rounding.

Tables VI.C4, VI.C5, and VI.C6 show estimates of the operations and status of the OASI, DI, and the hypothetical combined OASI and DI Trust Funds, respectively, during fiscal years 2017 through 2031.

Table VI.C4.—Operations of the OASI Trust Fund, Fiscal Years 2017-2031

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net payroll tax contri- butionsa	GF reim- burse- mentsb	Taxa- tion of benefitsa c	Net interest		Total	Scheduled benefits	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio d
Historical data:
	2017	$822.4	$702.1	e	$35.4	$84.9		$799.0	$791.1	$3.6	$4.3		$23.5	$2,820.1	350
	2018	822.4	706.1	e	34.7	81.6		841.5	833.0	3.7	4.8		-19.0	2,801.1	335
	2019	900.1	785.6	e	34.9	79.6		896.8	888.1	3.9	4.9		3.2	2,804.3	312
	2020	955.6	841.7	e	37.9	76.0		948.7	940.2	3.7	4.8		6.9	2,811.2	296
	2021	936.0	831.1	e	34.3	70.5		991.4	982.7	3.9	4.8		-55.4	2,755.8	284
Intermediate:
	2022	1,033.4	922.0	e	46.7	64.7		1,072.5	1,063.4	3.9	5.3		-39.1	2,716.7	257
	2023	1,088.9	980.7	e	48.8	59.4		1,158.2	1,148.7	4.1	5.4		-69.3	2,647.4	235
	2024	1,133.9	1,024.3	e	53.2	56.4		1,236.1	1,226.1	4.3	5.8		-102.2	2,545.1	214
	2025	1,182.8	1,071.3	e	58.0	53.5		1,313.1	1,302.8	4.4	5.8		-130.2	2,414.9	194
	2026	1,243.2	1,121.1	e	69.6	52.5		1,394.1	1,383.6	4.6	5.9		-150.9	2,264.0	173
	2027	1,298.2	1,167.1	e	77.9	53.3		1,478.0	1,467.4	4.7	5.9		-179.8	2,084.2	153
	2028	1,362.4	1,225.2	e	84.5	52.7		1,568.2	1,557.4	4.8	6.0		-205.9	1,878.3	133
	2029	1,414.9	1,273.5	e	91.5	50.0		1,661.6	1,650.6	5.0	6.0		-246.7	1,631.7	113
	2030	1,471.4	1,326.1	e	99.2	46.1		1,757.8	1,746.5	5.1	6.1		-286.4	1,345.3	93
	2031	1,526.5	1,378.6	e	107.4	40.4		1,856.2	1,844.8	5.2	6.2		-329.7	1,015.6	72
Low-cost:
	2022	1,036.0	924.5	e	46.7	64.8		1,072.1	1,062.9	3.9	5.3		-36.0	2,719.8	257
	2023	1,117.9	1,007.3	e	49.0	61.6		1,163.2	1,153.7	4.1	5.4		-45.3	2,674.5	234
	2024	1,181.6	1,067.5	e	53.7	60.4		1,247.2	1,237.2	4.3	5.7		-65.7	2,608.8	214
	2025	1,253.2	1,133.2	e	58.8	61.2		1,330.8	1,320.6	4.5	5.8		-77.6	2,531.2	196
	2026	1,340.0	1,206.1	e	70.8	63.0		1,419.5	1,408.8	4.7	5.9		-79.5	2,451.6	178
	2027	1,422.5	1,275.8	e	79.7	67.0		1,511.7	1,500.8	4.9	6.0		-89.2	2,362.5	162
	2028	1,517.4	1,360.0	e	86.8	70.6		1,611.0	1,599.9	5.1	6.0		-93.7	2,268.8	147
	2029	1,602.9	1,435.7	e	94.4	72.8		1,714.7	1,703.2	5.3	6.1		-111.9	2,156.9	132
	2030	1,696.0	1,518.4	e	102.8	74.8		1,822.6	1,810.8	5.6	6.2		-126.6	2,030.3	118
	2031	1,791.1	1,603.3	e	111.9	75.9		1,934.5	1,922.4	5.8	6.3		-143.4	1,887.0	105
High-cost:
	2022	1,023.7	912.4	e	46.7	64.5		1,073.1	1,063.9	3.9	5.3		-49.4	2,706.4	257
	2023	1,014.8	908.8	e	48.7	57.4		1,154.4	1,144.8	4.1	5.4		-139.6	2,566.8	234
	2024	1,052.0	948.1	e	52.5	51.4		1,218.7	1,208.6	4.3	5.8		-166.7	2,400.0	211
	2025	1,085.4	981.4	e	56.7	47.3		1,284.1	1,274.0	4.3	5.8		-198.7	2,201.3	187
	2026	1,126.2	1,016.1	e	67.7	42.4		1,356.5	1,346.2	4.4	5.9		-230.3	1,971.0	162
	2027	1,160.5	1,045.1	e	75.4	40.0		1,431.7	1,421.3	4.5	5.8		-271.1	1,699.9	138
	2028	1,197.7	1,080.7	e	81.5	35.5		1,512.4	1,502.0	4.5	5.9		-314.7	1,385.2	112
	2029	1,222.6	1,106.3	e	87.8	28.5		1,595.3	1,584.8	4.6	5.9		-372.7	1,012.5	87
	2030	1,249.5	1,134.3	e	94.8	20.4		1,679.7	1,669.1	4.7	5.9		-430.2	582.2	60
	2031	1,274.7	1,160.9	e	102.1	11.7		1,765.0	1,754.3	4.7	6.0		-490.3	92.0	33

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a

Includes adjustments for prior years. For example, in June 2021, an unusually large negative adjustment to payroll tax contributions in the amount of $30.4 billion was made because payroll tax revenue credited to the trust fund in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b

Includes reimbursements from the General Fund of the Treasury to the OASI Trust Fund for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (2) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (3) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.

c

Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in law.

d

The “Trust fund ratio” column represents asset reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

e

Between -$50 million and $50 million.

Note: Components may not sum to totals because of rounding.

Table VI.C5.—Operations of the DI Trust Fund, Fiscal Years 2017-2031

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net payroll tax contri- butionsa	GF reim- burse- mentsb	Taxa- tion of benefitsa c	Net interest		Total	Scheduled benefits	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio d
Historical data:
	2017	$169.5	$165.9	e	$2.0	$1.6		$145.8	$142.9	$2.7	$0.2		$23.7	$69.4	31
	2018	170.3	167.0	e	1.0	2.2		146.6	143.6	2.8	.2		23.7	93.1	47
	2019	151.0	146.8	e	1.2	2.9		147.7	144.9	2.8	.1		3.3	96.4	63
	2020	147.4	142.9	e	1.7	2.8		146.7	144.1	2.5	.1		0.7	97.1	66
	2021	144.4	141.2	e	.5	2.7		143.4	140.7	2.5	.1		1.0	98.1	68
Intermediate:
	2022	160.7	156.6	e	1.5	2.6		145.1	142.2	2.8	.1		15.7	113.7	68
	2023	170.7	166.5	e	1.6	2.6		150.8	147.8	3.0	.1		19.9	133.6	75
	2024	178.6	173.9	e	1.7	3.0		157.2	154.0	3.1	.1		21.5	155.1	85
	2025	187.5	181.9	e	1.9	3.7		166.0	162.7	3.3	.1		21.5	176.5	93
	2026	197.2	190.4	e	2.2	4.6		175.4	171.8	3.4	.1		21.8	198.4	101
	2027	206.3	198.2	e	2.5	5.6		185.0	181.3	3.6	.1		21.3	219.6	107
	2028	217.4	208.1	e	2.7	6.7		192.9	188.9	3.8	.1		24.6	244.2	114
	2029	227.1	216.3	e	2.8	8.0		199.2	195.0	4.0	.2		28.0	272.2	123
	2030	237.8	225.2	e	3.0	9.6		205.0	200.6	4.2	.2		32.8	305.0	133
	2031	248.7	234.1	e	3.2	11.5		211.8	207.3	4.4	.2		36.9	341.9	144
Low-cost:
	2022	161.2	157.0	e	1.5	2.6		144.5	141.6	2.8	.1		16.7	114.8	68
	2023	175.6	171.0	e	1.6	3.0		149.8	146.7	3.0	.1		25.8	140.6	77
	2024	187.0	181.3	e	1.7	4.0		155.0	151.9	3.1	.1		31.9	172.5	91
	2025	199.7	192.4	e	1.8	5.5		162.1	158.7	3.3	.1		37.7	210.2	106
	2026	214.5	204.8	e	2.1	7.5		169.1	165.6	3.5	.1		45.3	255.5	124
	2027	229.1	216.6	e	2.4	10.1		175.9	172.1	3.7	.1		53.2	308.7	145
	2028	246.8	230.9	e	2.5	13.3		180.8	176.8	3.9	.1		66.0	374.7	171
	2029	263.9	243.8	e	2.6	17.5		184.5	180.2	4.2	.1		79.4	454.1	203
	2030	283.2	257.8	e	2.7	22.6		187.9	183.3	4.4	.2		95.3	549.4	242
	2031	303.9	272.3	e	2.9	28.8		192.4	187.6	4.7	.2		111.5	660.9	286
High-cost:
	2022	159.1	155.0	e	1.6	2.6		145.8	143.0	2.8	.1		13.3	111.4	67
	2023	158.2	154.3	e	1.6	2.3		152.8	149.8	3.0	.1		5.4	116.7	73
	2024	164.9	161.0	e	1.7	2.1		160.5	157.4	3.1	.1		4.3	121.1	73
	2025	170.8	166.7	e	1.9	2.3		171.1	167.7	3.2	.1		-.2	120.8	71
	2026	177.2	172.5	e	2.3	2.3		182.4	178.9	3.4	.1		-5.2	115.6	66
	2027	182.4	177.5	e	2.6	2.3		194.2	190.6	3.6	.1		-11.9	103.7	60
	2028	188.4	183.5	e	2.8	2.1		203.5	199.6	3.7	.1		-15.1	88.7	51
	2029	192.6	187.9	e	3.0	1.8		210.6	206.6	3.8	.2		-18.0	70.7	42
	2030	197.2	192.6	e	3.2	1.4		217.0	212.8	4.0	.2		-19.8	50.8	33
	2031	201.4	197.1	e	3.4	.9		224.2	219.9	4.1	.2		-22.9	27.9	23

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a

Includes adjustments for prior years. For example, in June 2021, an unusually large negative adjustment to payroll tax contributions in the amount of $5.2 billion was made because payroll tax revenue credited to the trust fund in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b

Includes reimbursements from the General Fund of the Treasury to the DI Trust Fund for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (2) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110‑246; and (3) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112‑78, and 112-96.

c

Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in law.

d

The “Trust fund ratio” column represents asset reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

e

Between -$50 million and $50 million.

Note: Components may not sum to totals because of rounding.

Table VI.C6.—Operations of the Combined OASI and DI Trust Funds,
Fiscal Years 2017-2031 

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net payroll tax contri- butionsa	GF reim- burse- mentsb	Taxa- tion of benefits a c	Net interest		Total	Scheduled benefits	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio d
Historical data:
	2017	$991.9	$868.0	e	$37.4	$86.5		$944.7	$934.0	$6.2	$4.5		$47.2	$2,889.5	301
	2018	992.7	873.2	e	35.7	83.8		988.0	976.7	6.4	4.9		4.7	2,894.2	292
	2019	1,051.1	932.4	e	36.1	82.5		1,044.5	1,033.0	6.6	4.9		6.5	2,900.7	277
	2020	1,103.0	984.6	e	39.6	78.8		1,095.4	1,084.3	6.2	5.0		7.5	2,908.2	265
	2021	1,080.4	972.3	e	34.8	73.3		1,134.8	1,123.4	6.4	4.9		-54.4	2,853.9	256
Intermediate:
	2022	1,194.2	1,078.6	e	48.3	67.3		1,217.6	1,205.6	6.6	5.4		-23.4	2,830.4	234
	2023	1,259.6	1,147.2	e	50.4	62.0		1,309.0	1,296.5	7.1	5.5		-49.4	2,781.0	216
	2024	1,312.5	1,198.2	e	54.9	59.4		1,393.3	1,380.1	7.4	5.8		-80.8	2,700.2	200
	2025	1,370.3	1,253.2	e	59.9	57.2		1,479.1	1,465.5	7.7	5.9		-108.8	2,591.4	183
	2026	1,440.4	1,311.4	e	71.8	57.1		1,569.5	1,555.4	8.0	6.0		-129.1	2,462.3	165
	2027	1,504.5	1,365.2	e	80.4	58.9		1,663.0	1,648.6	8.3	6.0		-158.5	2,303.8	148
	2028	1,579.8	1,433.3	e	87.2	59.4		1,761.1	1,746.3	8.7	6.1		-181.3	2,122.6	131
	2029	1,642.1	1,489.8	e	94.3	58.0		1,860.8	1,845.6	9.0	6.2		-218.7	1,903.9	114
	2030	1,709.2	1,551.3	e	102.2	55.8		1,962.7	1,947.2	9.3	6.3		-253.5	1,650.3	97
	2031	1,775.2	1,612.7	e	110.6	51.9		2,068.0	2,052.1	9.6	6.4		-292.8	1,357.5	80
Low-cost:
	2022	1,197.2	1,081.6	e	48.2	67.4		1,216.5	1,204.6	6.6	5.4		-19.3	2,834.6	235
	2023	1,293.5	1,178.3	e	50.6	64.6		1,313.0	1,300.4	7.1	5.4		-19.5	2,815.0	216
	2024	1,368.5	1,248.7	e	55.4	64.4		1,402.3	1,389.1	7.4	5.8		-33.7	2,781.3	201
	2025	1,453.0	1,325.6	e	60.6	66.7		1,492.9	1,479.3	7.8	5.9		-39.9	2,741.4	186
	2026	1,554.4	1,410.9	e	73.0	70.5		1,588.6	1,574.4	8.2	6.0		-34.2	2,707.2	173
	2027	1,651.6	1,492.4	e	82.0	77.1		1,687.6	1,672.9	8.6	6.1		-36.0	2,671.2	160
	2028	1,764.1	1,591.0	e	89.3	83.9		1,791.8	1,776.6	9.1	6.2		-27.7	2,643.5	149
	2029	1,866.7	1,679.5	e	97.0	90.3		1,899.2	1,883.4	9.5	6.3		-32.4	2,611.0	139
	2030	1,979.3	1,776.3	e	105.6	97.4		2,010.5	1,994.2	10.0	6.4		-31.3	2,579.8	130
	2031	2,095.1	1,875.6	e	114.8	104.7		2,126.9	2,110.0	10.4	6.5		-31.9	2,547.9	121
High-cost:
	2022	1,182.8	1,067.3	e	48.3	67.1		1,218.9	1,206.9	6.6	5.4		-36.1	2,817.8	234
	2023	1,173.0	1,063.1	e	50.3	59.7		1,307.3	1,294.6	7.1	5.5		-134.3	2,683.5	216
	2024	1,216.9	1,109.1	e	54.2	53.6		1,379.3	1,366.0	7.4	6.0		-162.4	2,521.1	195
	2025	1,256.3	1,148.0	e	58.7	49.6		1,455.2	1,441.7	7.6	5.9		-199.0	2,322.1	173
	2026	1,303.4	1,188.6	e	70.0	44.8		1,538.9	1,525.1	7.8	6.0		-235.5	2,086.6	151
	2027	1,342.9	1,222.6	e	78.0	42.3		1,625.9	1,611.9	8.0	6.0		-283.0	1,803.6	128
	2028	1,386.1	1,264.3	e	84.3	37.6		1,715.9	1,701.6	8.2	6.0		-329.8	1,473.8	105
	2029	1,415.3	1,294.2	e	90.8	30.3		1,806.0	1,791.4	8.4	6.1		-390.7	1,083.1	82
	2030	1,446.6	1,326.9	e	98.0	21.8		1,896.7	1,881.9	8.6	6.1		-450.1	633.1	57
	2031	1,476.1	1,358.0	e	105.5	12.5		1,989.2	1,974.2	8.9	6.2		-513.2	119.9	32

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a

Includes adjustments for prior years. For example, in June 2021, unusually large negative adjustments to payroll tax contributions in the amount of $35.5 billion were made because payroll tax revenue credited to the trust funds in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b

Includes reimbursements from the General Fund of the Treasury to the OASI and DI Trust Funds for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (2) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (3) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.

c

Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in law.

d

The “Trust fund ratio” column represents asset reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

e

Between -$50 million and $50 million.

Note: Components may not sum to totals because of rounding.