The Board of Trustees of the Federal Old-Age and Survivors Insurance and the Federal Disability Insurance (DI) Trust Funds issued its 2018 report on the financial solvency of these safety net programs. Notably, the report extended the solvency of the disability trust fund by six years, from 2026 in previous reports to 2032 this year.
As the report indicates:
“Under the intermediate assumptions, DI Trust Fund asset reserves are projected to become depleted in 2032, at which time continuing income to the DI Trust Fund would be sufficient to pay 96 percent of DI scheduled benefits. The OASI Trust Fund reserves are projected to become depleted in 2034, at which time OASI income would be sufficient to pay 77 percent of OASI scheduled benefits.
Lawmakers have a broad continuum of policy options that would close or reduce Social Security’s long-term financing shortfall. Cost estimates for many such policy options are available at www.ssa.gov/OACT/solvency/provisions/.”