The Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the funds are projected to become depleted in 2034 with 79% of benefits payable at that time. The Disability Insurance Trust Fund will become depleted in 2023, extended from last year’s estimate of 2016, with 89% of benefits still payable.

In the Annual Report to Congress, the Trustees announced:

 The assets reserves of the combined OASDI Trust Funds increased by $23 billion in 2015 to a total of $2.81 trillion.

 The combined trust fund reserves still are growing and will continue to do so through 2019.

Beginning in 2020, the total cost of the program is projected to exceed income.

 The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034. At that time, there will be sufficient income to pay 79% of scheduled benefits.

 There were 60 million beneficiaries at the end of 2015.

 During 2015, an estimated 169 million people had earnings covered by Social Security and paid payroll taxes.

 The cost of $6.2 billion to administer the Social Security program in 2015 was only 0.7% of total expenditures.