General Information

Income of the Aged Population

OASDI Program

Earnings in Covered Employment, 1937–2017

People contribute to Social Security through payroll taxes or self-employment taxes, as required by the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act (SECA). The maximum taxable amount is updated annually on the basis of increases in the average wage. Of the 174 million workers with earnings in Social Security–covered employment in 2017, about 6% had earnings that equaled or exceeded the maximum amount subject to taxes, compared with 3% when the program began and a peak of 36% in 1965. About 83% of earnings in covered employment were taxable in 2017, compared with 92% in 1937.

Taxable earnings as a percentage of earnings in covered employment and percentage of workers with maximum taxable earnings, selected years

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Table equivalent for chart. Taxable earnings as a percentage of earnings in covered employment and percentage of workers with maximum taxable earnings, selected years

Year	Taxable earnings	Workers with maximum taxable earnings
1937	92.0	3.1
1945	87.9	13.7
1955	80.3	25.6
1965	71.3	36.1
1975	84.4	15.0
1985	88.9	6.5
1995	85.8	5.8
2005	84.1	6.1
2015	82.5	5.8
2017	83.4	5.6

SOURCE: SSA, Office of the Chief Actuary.

Insured Status, 1970–2017

The percentage of persons aged 20 or older who are insured for benefits has changed very little in recent years. To be fully insured, a worker must have at least one work credit (quarter of coverage) for each year elapsed after age 21 (but no earlier than 1950) and before the year in which he or she attains age 62, becomes disabled, or dies. The maximum number of work credits needed to be fully insured is 40. An individual is said to be permanently insured if he or she has earned 40 work credits. To be insured for disability, the worker must be fully insured and have at least 20 work credits during the last 40 calendar quarters. (Requirements for disability-insured status are somewhat different for persons younger than age 31.) Disability benefits are available up to FRA.

Insured Status, by Sex, 1970 and 2017

Although men historically were more likely than women to be insured, the gender gap is shrinking. The proportion of men who are insured declined slightly from 1970 to 2017, with 90% fully insured and 79% insured for disability in 2017. By contrast, the proportion of women who are insured increased dramatically—from 63% to 86% fully insured and from 41% to 74% insured for disability.

Percentage of population in the Social Security area fully insured and insured for disability benefits, by sex

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Table equivalent for chart. Percentage of population in the Social Security area fully insured and insured for disability benefits, by sex

Sex	1970	2017
Fully insured
Men	93	90
Women	63	86
Insured for disability a
Men	84	79
Women	41	74

SOURCE: SSA, Office of the Chief Actuary.

NOTES: The population in the Social Security area includes residents of the 50 states and the District of Columbia adjusted for net census undercount; civilian residents of American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and U.S. Virgin Islands; federal civilian employees and persons in the U.S. armed forces abroad and their dependents; noncitizens living abroad who are insured for Social Security benefits; and all other U.S. citizens abroad.

Figures are subject to revision.

a. Insured for disability excludes those who have reached FRA.

New Benefit Awards, 2017

Benefits were awarded to about 5.5 million persons; of those, 54% were retired workers and 13% were disabled workers. The remaining 33% were survivors or the spouses and children of retired or disabled workers. These awards represent not only new entrants to the benefit rolls but also persons already on the rolls who become entitled to a different benefit, particularly conversions of disabled-worker benefits to retired-worker benefits at FRA.

New awards

SOURCE: SSA, Master Beneficiary Record, 100 percent data.

New Awards to Workers, 1977–2017

Awards to retired workers increased considerably over the past four decades, at a rate that nearly triples the rate by which awards to disabled workers increased. The annualized rate of increase over the period from 1977 to 2017 is 1.6% for retired workers and 0.6% for disabled workers. The annual number of awards to retired workers rose from 1.6 million in 1977 to 3.0 million in 2017, while for disabled workers it increased from 569,000 in 1977 to 716,000 in 2017.

New awards to retired and disabled workers

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Table equivalent for chart. New awards to retired and disabled workers (in thousands)

Year	Retired workers	Disabled workers
1977	1,593.63	568.87
1978	1,472.79	464.42
1979	1,590.85	416.71
1980	1,612.67	396.56
1981	1,578.99	351.85
1982	1,618.41	297.13
1983	1,669.74	311.55
1984	1,607.37	362.00
1985	1,690.49	377.37
1986	1,734.25	416.87
1987	1,681.72	415.85
1988	1,654.07	409.49
1989	1,656.74	425.58
1990	1,664.75	467.98
1991	1,695.35	536.43
1992	1,707.95	636.64
1993	1,661.28	635.24
1994	1,625.35	631.87
1995	1,609.17	645.83
1996	1,581.45	624.34
1997	1,718.62	587.42
1998	1,631.51	608.13
1999	1,690.02	620.49
2000	1,960.65	621.65
2001	1,779.23	691.31
2002	1,812.55	750.00
2003	1,791.32	777.46
2004	1,883.06	795.78
2005	2,000.16	829.69
2006	1,999.02	798.68
2007	2,035.78	804.79
2008	2,279.00	877.23
2009	2,739.97	970.70
2010	2,634.44	1,026.99
2011	2,577.65	998.98
2012	2,735.01	960.21
2013	2,794.29	868.97
2014	2,771.93	778.80
2015	2,838.99	741.48
2016	2,910.75	706.45
2017	2,974.64	715.92

SOURCE: SSA, Master Beneficiary Record, 100 percent data.

Beneficiaries in Current-Payment Status, December 2017

Sixty-two million beneficiaries were in current-payment status; that is, they were being paid a benefit. Sixty-nine percent of those beneficiaries were retired workers and 14% were disabled workers. The remaining 17% of beneficiaries were survivors or the spouses and children of retired or disabled workers.

Beneficiaries, by type

SOURCE: SSA, Master Beneficiary Record, 100 percent data.

Totals do not necessarily equal the sum of rounded components.

Average Benefit Amounts, 2017

Benefits payable to workers who retire at FRA and to disabled workers are equal to 100% of the PIA (subject to any applicable deductions). At FRA, widow(er)s' benefits are also payable at 100% of the insured worker's PIA. Nondisabled widow(er)s can receive reduced benefits at age 60. Disabled widow(er)s can receive reduced benefits at age 50. Spouses, children, and parents receive a smaller proportion of the worker's PIA than do widow(er)s.

Beneficiaries, by Age, December 2017

About four-fifths of all OASDI beneficiaries in current-payment status were aged 62 or older, including 23% aged 75–84 and 9% aged 85 or older. About 13% were persons aged 18–61 receiving benefits as disabled workers, survivors, or dependents. Another 5% were children under age 18.

Beneficiaries, by age

SOURCE: SSA, Master Beneficiary Record, 100 percent data.

Age of Disabled and Retired Workers, 1960–2017

The average age of disabled-worker beneficiaries in current-payment status declined between 1960, when DI benefits first became available to persons younger than age 50, and 2017. In 1960, the average age of a disabled worker was 57.2 years. The rapid drop in average age in the following years reflects a growing number of awards to workers under 50. By 1995, the average age fell to a low of 49.8, but by 2017, it rose to 54.5. By contrast, the average age of retired workers has changed little over time, rising from 72.4 in 1960 to 73.8 in 2017.

Average age of disabled-worker and retired-worker beneficiaries, selected years

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Table equivalent for chart. Average age of disabled-worker and retired-worker beneficiaries, selected years

Year	Retired-worker beneficiaries	Disabled-worker beneficiaries
1960	72.4	57.2
1965	72.5	54.7
1970	72.3	54.2
1975	72.3	53.8
1980	72.4	53.2
1985	72.8	52.1
1990	73.1	50.5
1995	73.6	49.8
2000	73.9	50.8
2005	73.9	51.8
2010	73.7	52.8
2015	73.7	53.9
2017	73.8	54.5

SOURCE: SSA, Master Beneficiary Record, 10 percent sample for 1990–2005 and 100 percent data for all other years.

Beneficiaries, by Sex, December 2017

Of all adults receiving monthly Social Security benefits, 45% were men and 55% were women. Eighty-two percent of the men and 67% of the women received retired-worker benefits. Twelve percent of the women received survivor benefits.

Adult beneficiaries, by type of beneficiary and sex (in percent)

SOURCE: SSA, Master Beneficiary Record, 100 percent data.

NOTE: Totals do not necessarily equal the sum of rounded components.

a. Less than 1 percent of men received benefits as survivors (widowers or fathers) or as spouses of retired and disabled workers.

Average Monthly Benefit, by Sex, December 2017

Among retired and disabled workers who collected benefits based on their own work records, men received a higher average monthly benefit than did women. For those with benefits based on another person's work record (spouses and survivors), women generally had higher average benefits.

Women Beneficiaries, 1940–2017

The proportion of women among retired-worker beneficiaries quadrupled between 1940 and 2017. The percentage climbed from 12% in 1940 to 47% in 1980, 48% in 1990, and 50% in 2017. The proportion of women among disabled-worker beneficiaries more than doubled between 1957, when DI benefits first became payable, and 2017. The percentage rose steadily from 19% in 1957 to 35% in 1990 and 49% in 2017.

Women as a percentage of retired-worker and disabled-worker beneficiaries, selected years

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Table equivalent for chart. Women as a percentage of retired-worker and disabled-worker beneficiaries, selected years

Year	Retired-worker beneficiaries	Disabled-worker beneficiaries
1940	11.6	--
1950	17.1	--
1957	--	19.1
1960	35.3	21.8
1970	42.4	28.4
1980	46.5	32.6
1990	47.7	34.7
2000	48.2	43.3
2010	49.0	47.0
2017	50.1	49.0
NOTE: -- = not available.

SOURCE: SSA, Master Beneficiary Record, 100 percent data.

Women with Dual Entitlement, 1960–2017

The proportion of women aged 62 or older who are receiving benefits as dependents (that is, on the basis of their husbands' earnings record only) declined from 57% in 1960 to 21% in 2017. At the same time, the proportion of women with dual entitlement (that is, paid on the basis of both their own earnings records and those of their husbands) increased from 5% in 1960 to 25% in 2017.

Women aged 62 or older, by basis of entitlement, selected years

SOURCE: SSA, Master Beneficiary Record. All data for 2005 and dual entitlement data for 1995 and 2000 are based on a 10 percent sample. All other years are 100 percent data.

Child Beneficiaries, December 2017

More than 3.1 million children under age 18 and students aged 18–19 received OASDI benefits. Children of deceased workers had the highest average payments, in part because they are eligible to receive monthly benefits based on 75% of the worker's PIA, compared with 50% for children of retired or disabled workers. Overall, the average monthly benefit amount for children was $590.

Number of and average monthly benefit for children of worker beneficiaries

Number of children of—

Average monthly benefit for children of—

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Table equivalent for chart. Number and average monthly benefit for children receiving OASDI, by type of beneficiary, December 2017

Type of beneficiary	Number (thousands)	Average monthly benefit (dollars)
Children of retired workers	356	655
Children of disabled workers	1,466	356
Children of deceased workers	1,241	847

SOURCE: SSA, Master Beneficiary Record, 100 percent data.

SSI Program

Number of Recipients, 1974–2017

The Supplemental Security Income (SSI) program provides income support to needy persons aged 65 or older, blind or disabled adults, and blind or disabled children. Eligibility requirements and federal payment standards are nationally uniform. SSI replaced the former federal/state adult assistance programs in the 50 states and the District of Columbia.

Payments under SSI began in January 1974, with 3.2 million persons receiving federally administered payments. By December 1974, this number had risen to nearly 4 million and remained at about that level until the mid-1980s, then rose steadily, reaching nearly 6 million in 1993 and 7 million by the end of 2004. As of December 2017, the number of recipients was about 8.2 million. Of this total, 4.8 million were between the ages of 18 and 64, 2.2 million were aged 65 or older, and 1.2 million were under age 18.

Persons receiving federally administered SSI payments, December

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Table equivalent for chart. Persons receiving federally administered SSI payments, December (in millions)

Year	Total	Under 18	18–64	65 or older
1974	4.00	0.07	1.50	2.42
1975	4.31	0.11	1.70	2.51
1976	4.24	0.13	1.71	2.40
1977	4.24	0.15	1.74	2.35
1978	4.22	0.17	1.75	2.30
1979	4.15	0.18	1.73	2.25
1980	4.14	0.19	1.73	2.22
1981	4.02	0.19	1.70	2.12
1982	3.86	0.19	1.66	2.01
1983	3.90	0.20	1.70	2.00
1984	4.03	0.21	1.78	2.04
1985	4.14	0.23	1.88	2.03
1986	4.27	0.24	2.01	2.02
1987	4.39	0.25	2.12	2.02
1988	4.46	0.26	2.20	2.01
1989	4.59	0.26	2.30	2.03
1990	4.82	0.31	2.45	2.06
1991	5.12	0.40	2.64	2.08
1992	5.57	0.56	2.91	2.10
1993	5.98	0.72	3.15	2.11
1994	6.30	0.84	3.34	2.12
1995	6.51	0.92	3.48	2.11
1996	6.61	0.96	3.57	2.09
1997	6.49	0.88	3.56	2.05
1998	6.57	0.89	3.65	2.03
1999	6.56	0.85	3.69	2.02
2000	6.60	0.85	3.74	2.01
2001	6.69	0.88	3.81	2.00
2002	6.79	0.91	3.88	2.00
2003	6.90	0.96	3.95	1.99
2004	6.99	0.99	4.02	1.98
2005	7.11	1.04	4.08	1.99
2006	7.24	1.08	4.15	2.00
2007	7.36	1.12	4.22	2.02
2008	7.52	1.15	4.33	2.03
2009	7.68	1.20	4.45	2.03
2010	7.91	1.24	4.63	2.04
2011	8.11	1.28	4.78	2.06
2012	8.26	1.31	4.87	2.08
2013	8.36	1.32	4.93	2.11
2014	8.34	1.30	4.91	2.12
2015	8.31	1.27	4.89	2.15
2016	8.25	1.21	4.85	2.19
2017	8.23	1.18	4.81	2.24

SOURCE: SSA, Supplemental Security Record, 100 percent data.

Payment Amounts, by Age, December 2017

The average monthly federally administered SSI payment was $542. Payments varied by age group, ranging from an average of $647 for recipients aged under 18 to $437 for those aged 65 or older. The maximum federal benefit rate in December 2017 was $735 for an individual and $1,103 for a couple, plus any applicable state supplementation.

Average monthly federally administered SSI payment

SOURCE: SSA, Supplemental Security Record, 100 percent data.

NOTE: Amounts exclude retroactive payments.

Federally Administered Payments, December 2017

A total of 8.2 million persons received federally administered SSI payments. The majority received federal SSI only. States have the option of supplementing the federal benefit rate and are required to do so if that rate is less than the income the recipient would have had under the former state program.

Type of SSI payment

SOURCE: SSA, Supplemental Security Record, 100 percent data.

Basis for Eligibility and Age of Recipients, December 2017

Fourteen percent of SSI recipients received benefits on the basis of age and the rest qualified on the basis of disability. Twenty-seven percent of the recipients were aged 65 or older. In the SSI program, a disabled recipient is still classified as “disabled” after reaching age 65. In the OASDI program, DI beneficiaries are converted to the retirement program when they attain FRA.

SSI recipients, by basis for eligibility and age

SOURCE: SSA, Supplemental Security Record, 100 percent data.

NOTE: Totals do not necessarily equal the sum of rounded components.

Percentage Distribution of Recipients, by Age, 1974–2017

The proportion of SSI recipients aged 65 or older declined from 61% in January 1974 to 27% in December 2017. The overall long-term growth of the SSI program occurred because of an increase in the number of disabled recipients, most of whom are under age 65.

Percentage distribution of SSI recipients, by age, December

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Table equivalent for chart. Percentage distribution of SSI recipients, by age, December

Year	Under 18	18–64	65 or older
1974	1.8	37.6	60.6
1975	2.5	39.4	58.1
1976	3.0	40.5	56.6
1977	3.5	41.0	55.5
1978	3.9	41.4	54.6
1979	4.3	41.6	54.1
1980	4.6	41.8	53.6
1981	4.8	42.4	52.8
1982	5.0	42.9	52.1
1983	5.1	43.6	51.3
1984	5.3	44.2	50.6
1985	5.5	45.4	49.1
1986	5.6	47.1	47.3
1987	5.7	48.3	46.0
1988	5.7	49.3	44.9
1989	5.8	50.1	44.1
1990	6.4	50.9	42.7
1991	7.8	51.6	40.6
1992	10.0	52.3	37.7
1993	12.1	52.6	35.3
1994	13.4	53.0	33.7
1995	14.1	53.5	32.5
1996	14.4	54.0	31.6
1997	13.5	54.8	31.6
1998	13.5	55.5	31.0
1999	12.9	56.3	30.8
2000	12.8	56.7	30.5
2001	13.2	57.0	29.8
2002	13.5	57.1	29.4
2003	13.9	57.3	28.8
2004	14.2	57.5	28.3
2005	14.6	57.4	28.0
2006	14.9	57.4	27.7
2007	15.2	57.4	27.4
2008	15.3	57.6	27.0
2009	15.6	58.0	26.4
2010	15.7	58.5	25.8
2011	15.7	58.9	25.4
2012	15.9	58.9	25.2
2013	15.8	59.0	25.2
2014	15.6	58.9	25.5
2015	15.2	58.8	25.9
2016	14.7	58.7	26.6
2017	14.4	58.4	27.2

SOURCE: SSA, Supplemental Security Record, 100 percent data.

Recipients, by Sex and Age, December 2017

Overall, 53% of the approximately 8.2 million SSI recipients were women, but that percentage varied greatly by age group. Women accounted for 66% of the 2.2 million recipients aged 65 or older, 52% of the 4.8 million recipients aged 18–64, and 33% of the 1.2 million recipients under age 18.

SSI recipients, by sex and age

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Table equivalent for chart. Percentage distribution of SSI recipients by sex, by age, December 2017

Age	Men	Women
All ages	47	53
Under 18	67	33
18–64	48	52
65 or older	34	66

SOURCE: SSA, Supplemental Security Record, 100 percent data.

Other Income, December 2017

Almost 56% of SSI recipients aged 65 or older received OASDI benefits, as did 29.4% of those aged 18–64 and 6.9% of those under age 18. Other types of unearned income, such as income from assets, were reported most frequently among those under age 18 (21.4%) and those aged 65 or older (10.5%). Earned income was most prevalent (4.9%) among those aged 18–64.

Percentage of SSI recipients also receiving other income, by source and age

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Table equivalent for chart. Percentage of SSI recipients also receiving other income, by source and age, December 2017

Age	OASDI	Other unearned income	Earnings
All ages	33.5	10.0	3.3
Under 18	6.9	21.4	0.2
18–64	29.4	6.9	4.9
65 or older	56.2	10.5	1.3

SOURCE: SSA, Supplemental Security Record, 100 percent data.

Child Recipients, December 1974–2017

As of December of the program's first year, 1974, 70,900 blind and disabled children were receiving SSI. That number increased to about 955,000 in 1996, declined to about 847,000 in 2000, and increased to 1,182,593 in 2017. The relatively high average payment to children (compared with payments made to blind and disabled adults) is due in part to a limited amount of other countable income. The spike in average monthly benefits in 1992 is due to retroactive payments resulting from the Sullivan v. Zebley decision. As of December 2017, blind and disabled children were receiving SSI payments averaging $647.

Number of children under age 18 receiving SSI

Average monthly SSI payment to children under age 18 ^a

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Table equivalent for chart. Number of children under age 18 receiving SSI, and average monthly SSI payment to children under age 18

Year	Number of children receiving SSI (in thousands)	Average monthly SSI payment a
1974	70.90	109.15
1975	107.03	141.09
1976	125.41	154.24
1977	147.36	170.03
1978	165.90	171.72
1979	177.31	193.26
1980	190.39	219.08
1981	194.89	240.84
1982	191.57	263.22
1983	198.32	280.96
1984	211.59	292.86
1985	227.38	301.26
1986	241.20	321.34
1987	250.90	327.27
1988	255.14	343.24
1989	264.89	357.64
1990	308.59	403.72
1991	397.16	446.05
1992	556.47	610.98
1993	722.68	460.54
1994	841.47	448.07
1995	917.05	447.57
1996	955.17	442.01
1997	879.83	433.83
1998	887.07	441.75
1999	847.06	450.13
2000	846.78	463.05
2001	881.84	476.09
2002	914.82	487.73
2003	959.38	490.63
2004	993.13	505.98
2005	1,036.50	522.80
2006	1,079.00	542.00
2007	1,121.00	555.00
2008	1,153.80	561.00
2009	1,199.79	593.00
2010	1,239.30	597.00
2011	1,277.00	601.00
2012	1,311.86	621.00
2013	1,321.68	631.00
2014	1,299.76	633.23
2015	1,267.16	643.06
2016	1,213.08	649.58
2017	1,182.59	647.48
SOURCE: SSA, Supplemental Security Record, 100 percent data.
NOTE: SSI = Supplemental Security Income.
a. As of 1998, these figures exclude retroactive payments.

SOURCE: SSA, Supplemental Security Record, 100 percent data.

a. As of 1998, these figures exclude retroactive payments.

Cross-Program Beneficiaries

All Beneficiaries, December 2017

About 67 million people received a payment from one or more programs administered by SSA. Most (58.8 million) received OASDI benefits only, 5.5 million received SSI only, and 2.7 million received payments from both programs.

Distribution of all beneficiaries

SOURCES: SSA, Master Beneficiary Record and Supplemental Security Record, 100 percent data.

NOTE: OASDI beneficiaries who are entitled to both a primary and a secondary benefit (dual entitlement) are counted only once. SSI includes federal SSI payments and federally administered state supplementation.

Beneficiaries Aged 65 or Older, December 2017

Benefits were paid to 46.7 million people aged 65 or older. About 1.3 million received both OASDI and SSI.

Distribution of beneficiaries aged 65 or older, by program

SOURCES: SSA, Master Beneficiary Record and Supplemental Security Record, 100 percent data.

NOTES: OASDI beneficiaries who are entitled to both a primary and a secondary benefit (dual entitlement) are counted only once. SSI includes federal SSI payments and federally administered state supplementation.

a. Includes persons who received dependent parent's benefits or mother's and father's benefits.

b. Includes 1,063,504 SSI beneficiaries aged 65 or older who are disabled or blind.

Disabled Beneficiaries Aged 18–64, December 2017

Payments were made to nearly 13 million people aged 18–64 on the basis of their own disability. Sixty-two percent received disability payments from the OASDI program only, 28% received payments from the SSI program only, and 10% received payments from both programs.

Distribution of disabled beneficiaries aged 18–64

SOURCES: SSA, Master Beneficiary Record and Supplemental Security Record, 100 percent data.

NOTES: OASDI beneficiaries who are entitled to both a primary and a secondary benefit (dual entitlement) are counted only once. SSI includes federal SSI payments and federally administered state supplementation.

Totals do not necessarily equal the sum of rounded components.

Social Security Financing

How Social Security Is Financed

Social Security is largely a pay-as-you-go program. Most of the payroll taxes collected from today's workers are used to pay benefits to today's recipients. In 2017, the Old-Age and Survivors Insurance and Disability Insurance Trust Funds collected $996.6 billion in revenues. Of that amount, 87.7% was from payroll tax contributions and reimbursements from the General Fund of the Treasury and 3.8% was from income taxes on Social Security benefits. Interest earned on the government bonds held by the trust funds provided the remaining 8.5% of income. Assets increased in 2017 because total income exceeded expenditures for benefit payments and administrative expenses.

Sources and uses of Social Security revenues in 2017

SOURCE: 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, Table II.B1.

NOTE: Totals do not necessarily equal the sum of rounded components.

a. Includes General Fund reimbursements, which accounted for less than 0.1% of Trust Fund income.

Social Security's Demographic Challenge

The 2018 Trustees Report projects that the number of retired workers will grow rapidly, as members of the post–World War II baby boom continue to retire in increasing numbers. The number of retired workers is projected to double in about 50 years. People are also living longer, and the birth rate is low. As a result, the Trustees project that the ratio of 2.8 workers paying Social Security taxes to each person collecting benefits in 2017 will fall to 2.2 to 1 in 2033. In 2010, tax and other noninterest income did not fully cover program cost, and the 2018 Trustees Report projects that this pattern will continue for at least 75 years if no changes are made to the program. However, the Trustees also project that redemption of trust fund assets will be sufficient to allow for full payment of scheduled benefits until 2033.

Ratio of covered workers to Social Security beneficiaries

SOURCE: 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, Table IV.B3 (intermediate assumptions).

The Long-Run Financial Outlook

Social Security is not sustainable over the long term at current benefit and tax rates. In 2010, the program paid more in benefits and expenses than it collected in taxes and other noninterest income, and the 2018 Trustees Report projects this pattern to continue for the next 75 years. The Trustees estimate that the combined OASI and DI trust fund reserves will be depleted by 2034. At that point, payroll taxes and other income will flow into the fund but will be sufficient to pay only about 79% of program costs. As reported in the 2018 Trustees Report, the projected shortfall over the next 75 years is 2.84% of taxable payroll.

Social Security income minus costs as a percentage of taxable payroll

SOURCE: 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, Table IV.B1 (intermediate assumptions).