An Analysis of the 2023 Trustees Report - ssa.gov
The Social Security Administration’s Research, Statistics & Policy Analysis arm yesterday presented a summary review of the Social Security trust funds. The review follows the Friday publication of the detailed reports on the financial outlook for Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) Trust Funds, and presents the following key facts regarding the program’s status through year-end 2022:
- The 75-year actuarial deficit increased from 3.42% of taxable payroll to 3.61%
- Program income increased by roughly 12% in 2022, to $1.222 trillion
- Income tax on benefits increased by $11 billion
- Interest income on reserves decreased by $4 billion
- Program expenditures increased by roughly 9%, to $1.244 trillion
- Asset reserves (trust fund balance) decreased by $22 billion, to $2.830 trillion
- OASDI trust funds projected to be fully depleted by 2034
- Benefit payments projected to decline by 20% in 2034
- 181 million workers paid $1,107 billion in payroll taxes in 2022
Click here to read the full report…
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