Social Security Funded Until 2034, and About Three-Quarters Funded for the Long Term; Many Options to Address the Long-Term Shortfall

Trustee's ReportThe Social Security Board of Trustees today released its 76th annual report to Congress on the financial status of the Social Security trust funds.  As a trustee of Social Security funds, I work with the other trustees to ensure the public is informed about the status of Social Security’s finances for the short term and over the next 75 years.

Workers earn their Social Security benefits by contributing through deductions from their paychecks. The Social Security trust funds include the Old Age and Survivors Insurance (OASI) fund, which pays benefits to retired workers and their families and to the families of deceased workers; and the Disability Insurance (DI) fund, which pays benefits to disabled workers and their families. Continue reading

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Compassionate Allowances Speed Help to People with Severe Disabilities

photograph of a man in a wheelchairDisability can happen to anyone. If you suffer from a serious medical condition that prevents you from working, time is of the essence when it comes to applying for Social Security disability benefits. Although Social Security is committed to processing disability claims as quickly as possible in all cases, our initial claims process typically takes three to five months.

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Trust Fund Reserve Gains One Year for Projected Depletion Date

A person delivers a packet of papers to a second person.By now, you’ve probably heard that this year marks the 80th anniversary of the signing of the Social Security Act.  In case you didn’t know, this year is also the 75th anniversary of the payment of the first monthly benefits.

And, today, the Social Security Board of Trustees released the 75th annual report to Congress on the financial status of the Social Security trust funds.

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