“The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds.  The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, one year later than projected last year, with 79 percent of benefits payable at that time.  The DI Trust Fund will become depleted in 2016, unchanged from last year’s estimate, with 81 percent of benefits still payable.

In the 2015 Annual Report to Congress, the Trustees announced:

• The combined trust fund reserves are still growing and will continue to do so through 2019.  Beginning with 2020, the cost of the program is projected to exceed income.
• The projected point at which the combined trust fund reserves will become depleted, if Congress does not act before then, comes in 2034 – one year later than projected last year.  At that time, there will be sufficient income coming in to pay 79 percent of scheduled benefits.
• The projected actuarial deficit over the 75-year long-range period is 2.68 percent of taxable payroll — 0.20 percentage point smaller than in last year’s report…”