On Tuesday, June 5, 2018 the Board of Trustees released their annual report on the current and projected financial status of the Social Security Trust Funds. The Report concluded that the Social Security programs are stable and they serve the American people well.
The Trustees Report predicts the Social Security Disability Insurance (SSDI) program will be able to pay out all benefits until 2032. This is four years longer than estimated in 2017 and ten years longer than predicted after the passage of the Bipartisan Budget Act of 2015, which temporarily reallocated revenues between the SSDI and the Old Age and Survivors (OASI) trust funds. Among the reasons cited for this increase in trust fund solvency are lower-than-predicted SSDI applications, awards, and average monthly benefits. After 2032, the SSDI program is expected to be able to pay out 96% of scheduled benefits each year.
The Trustees Report predicts that the combined OASDI Trust Funds have sufficient reserves to pay full benefits until 2034, which is the same solvency date predicted in the 2016 and 2017 reports.
The National Organization of Social Security Claimants’ Representatives (NOSSCR) continues to support the long-term solvency of all Social Security programs, protection of current and future beneficiaries, and adequate administrative funding so that the Social Security Administration can carry out its vital work.
“The Trustees Report shows that Social Security Disability Insurance will continue to serve more than 10 million American workers and their dependents, who rely on its modest but crucial coverage,” said Barbara Silverstone, Executive Director of NOSSCR. “The program is delivering on its promise to the American people, and provides needed income to those no longer able to support themselves through work.”