Social Security

Awaiting the 2014 Social Security Trustees’ Report

Social Security’s trustees will release their annual review of the program’s finances on Monday, and while we’re not sure what the report will say, the trustees last year estimated that Social Security’s combined trust funds will be exhausted in 2033.  That was well within the range that the program’s trustees have projected in their reports for the past two decades (see table). 

Fluctuations from year to year in the trustees’long-term estimates are normal.  A variety of demographic factors (such as fertility, mortality, and immigration) and economic variables (including wage growth, inflation, and interest rates) affect Social Security, and the actuaries constantly improve their methods.

Because of these fluctuations, revisions of a year or two, in either direction, are not a cause for alarm (or for celebration).

Related: Social Security Keeps 22 Million Americans out of Poverty: A State-By-State Analysis

 

Chart Book: Social Security Disability Insurance

Disability Insurance (DI) is an integral part of Social Security. It provides modest but vital benefits to workers who can no longer support themselves on account of a serious and long-lasting medical impairment. The Social Security Administration (SSA) administers the DI program.

The following charts provide important background information about Social Security Disability Insurance.

Part I: Why Is Social Security Disability Insurance Important?
Part II: Why Have the DI Rolls Grown?
Part III: Who Receives DI?
Part IV: What Financing Issues Does DI Face?

Related:

 

Congress Needs to Boost Disability Insurance Share of Payroll Tax by 2016

Policymakers need to replenish the Social Security Disability Insurance (DI) trust fund by late 2016, but that necessity comes as no surprise and poses no crisis. Although the DI trust fund is legally separate from the much larger Old-Age and Survivors Insurance (OASI) trust fund, both are integral parts of Social Security. Traditionally, lawmakers have divided the total payroll tax between OASI and DI according to the programs’respective needs.

Congress has reallocated payroll tax revenues many times in the past —and in both directions. This is a traditional and historically noncontroversial step.

 

Basics

Social Security provides monthly benefits to more than 50 million retired workers and workers with disabilities, their dependents, and their survivors.  Though Social Security is best known as a retirement program, one-fifth of the program's beneficiaries are non-elderly adults (under age 62) or children who receive survivors' benefits or disability insurance benefits.

Policy Basics:
- Top Ten Facts on Social Security

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The Center examines the effects of Social Security on poverty (including poverty among children) and on particular demographic groups. We also analyze Social Security reform proposals to determine their likely impact on the program’s long-term solvency and its effectiveness in reducing poverty and hardship.

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Social Security Dramatically Cuts Poverty Among Seniors
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