WASHINGTON, D.C. — The Social Security Board of Trustees has released its 2025 annual report, revealing that the combined reserves of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds are expected to sustain full scheduled benefits only until 2034, a year earlier than previously projected. At that time, reserves are forecasted to cover 81 percent of benefits if Congress does not enact reforms.
The report further indicates that the OASI Trust Fund alone is expected to be depleted by 2033, consistent with last year’s estimate, with 77 percent of benefits payable thereafter. The DI Trust Fund, however, is not projected to face depletion within the 75-year projection window.
The combined trust fund reserves declined by $67 billion in 2024, leaving a total of $2.72 trillion. For the year, total income for the programs, including $1.29 trillion from payroll taxes, $55 billion from the taxation of benefits, and $69 billion in interest, amounted to $1.42 trillion. Total expenditures, however, exceeded income at $1.48 trillion, marking a continuation of a trend that began in 2021.
“The financial status of the trust funds remains a top priority,” stated Frank Bisignano, Commissioner of Social Security. He emphasized the importance of Congressional action to safeguard the trust funds for current and future beneficiaries, including the 185 million workers paying payroll taxes and the 70 million individuals receiving benefits in 2025.
Key findings include the following:
- Social Security paid $1.47 trillion in benefits in 2024 to approximately 68 million beneficiaries.
- Administrative costs for the programs were $7.4 billion, only 0.5 percent of total expenditures.
- The actuarial deficit for the 75-year projection period increased to 3.82 percent of taxable payroll, up from 3.50 percent last year.
- The combined trust funds earned interest at 2.5 percent in 2024.
The Trustees’ report underscores the urgency for legislative action to address the program’s long-term funding challenges. Without intervention, the growing disparity between costs and income threatens to reduce benefit levels for millions of Americans who rely on Social Security for retirement and disability support.
The Board of Trustees includes four federal officials serving by virtue of their positions and two public trustee positions, which remain unfilled. This highlights the need for collaborative action to ensure the program’s sustainability and stability.
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