In the 2016 Annual Report to Congress, the Social Security Board of Trustees: announced:
- The asset reserves of the combined OASDI Trust Funds increased by $23 billion in 2015 to a total of $2.81 trillion.
- The combined trust fund reserves are still growing and will continue to do so through 2019. Beginning in 2020, the total cost of the program is projected to exceed income.
- The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034 – the same as projected last year. At that time, there will be sufficient income coming in to pay 79 percent of scheduled benefits.
Author: Mark Hinkle, Acting Press Officer Publication: Social Security Press Release Date: 06-21-2016