From the press release:
The Social Security Board of Trustees today released its annual report on the financial health of the Social Security Trust Funds. The combined assets of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds will be exhausted in 2033, three years sooner than projected last year. The DI Trust Fund will be exhausted in 2016, two years earlier than last year’s estimate. The Trustees also project that OASDI program costs will exceed non-interest income in 2012 and will remain higher throughout the remainder of the 75-year period.
In the 2012 Annual Report to Congress, the Trustees announced:
– The projected point at which the combined Trust Funds will be exhausted comes in 2033 – three years sooner than projected last year. At that time, there will be sufficient non-interest income coming in to pay about 75 percent of scheduled benefits.
– The projected actuarial deficit over the 75-year long-range period is 2.67 percent of taxable payroll — 0.44 percentage point larger than in last year’s report.
– Over the 75-year period, the Trust Funds would require additional revenue equivalent to $8.6 trillion in present value dollars to pay all scheduled benefits.
– Social Security Finances: Findings of the 2012 Trustees Report
Source: Virginia P. Reno, Elisa A. Walker, and Thomas N. Bethell, National Academy of Social Insurance, Social Security Brief No. 39, April 2012
– Social Security’s Financial Outlook: The 2012 Update in Perspective
Source: Alicia H. Munnell, Center for Retirement Research at Boston College, Issue Brief, IB#12-9, April 2012