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Social Security Funding Status 2015

The Social Security Administration (SSA) has reported concerning the funding status for its programs for fiscal year 2015.

The good news is that the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, the same as projected last year. Once depleted, persons receiving benefits will have their benefits automatically decreased to 79%. On its own, the Disability Insurance Trust Fund will become depleted in 2023, extended from last year’s estimate of 2016 with 89% of benefits remaining payable after depletion. As it turns out, the asset reserves for the OASDI Trust Funds increased by $23B in 2015 with the combined funds still growing. This growth is expected to continue through 2019 after which the program costs are expected to exceed income. In 2015, SSA paid 60 million people benefits.

The outlook for the Medicare Program is not as rosy. In 2015, the Medicare Program covered 55.3M persons of which 46.3M were aged 65 or older and 9M were disabled. 2015 expenditures were $647.B with total income received of only $644.4B. The fund depletion date is estimated to occur by year 2028, two years earlier than reported last year. The only good news is that a projected surplus is projected for years 2016 – 2020 after which funding deficits are expected. Overall, until 2016, the Medicare Program had been running deficits since 2008.

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