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A Summary of the 2024 Social Security Trustees Report - Center on Budget and Policy Priorities
The 2024 edition of the Social Security Trustees Report–an eagerly awaited annual publication–brought with it a kind of mixed message. First, the projected date of full, combined trust fund depletion was moved back a year to 2035, an update that received subdued applause. On the other hand, the combined OASI and DI (Old Age and Survivors Insurance and Disability Insurance) trust funds are projected to remain unable to pay scheduled benefits through out the 75-year forecast period.
One of the more confusing information excerpts cited in news reports is the impact Social Security’s problems will have on beneficiaries within the coming decade. The 2024 Trustees Report projects the OASI trust Fund’s full depletion by 2033 and the resulting across-the-board 21% cut in monthly benefit payments, and further notes that combining the OASI trust fund with the DI trust fund would improve this outlook a bit, to 2035 with a cut of 17%, although current law prohibits combining the funds. The Congressional Budget Office (CBO) diverges only slightly from these projections, forecasting that the combined trust funds would be fully depleted by 2034, with a 21% benefit cut commencing in 2035. The confusion arises when one mixes the specific trust fund depletions and their corresponding projected benefit reduction. Not a big deal, perhaps, since it’s reasonable to exect the problem will be addressed in time to ward off any benefit cuts.
So, that little bit of detail aside, a report by the Center on Budget and Policy Priorities Director of Social Security and Disability Policy, Kathy Romig, provides a solid overview of the messages delivered via this year’s report to Congress. Read it in full here.
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