Social Security Trustees Release 2008 Annual Report

Source: Social Security Administration

News release: The Social Security Board of Trustees today released its annual report on the financial health of the Social Security Trust Funds. While the key dates for program costs exceeding tax revenues and Trust Fund exhaustion remain unchanged, the 2008 Trustees Report shows improvement in the projected long-term financial status of the Social Security program from last year — particularly in the latter half of the long-range projection period. This improvement is principally the result of methodological changes for projecting certain aspects of immigration.

At the end of 2007, almost 50 million people were receiving benefits: 34 million retired workers and their dependents, 6 million survivors of deceased workers, and 9 million disabled workers and their dependents. Dur¬ing the year an estimated 163 million people had earnings covered by Social Security and paid payroll taxes. Total benefits paid in 2007 were $585 bil¬lion. Income was $785 billion, and assets held in special issue U.S. Treasury securities grew to $2.2 trillion.

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