Last week, the Social Security Board of Trustees released “The 2017 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.” The 2017 report finds that, in 2016, Social Security took in roughly $35 billion more than it paid out (in total income and interest). Social Security’s reserves were $2.85 trillion at the end of 2016. The Trustees continue to project that Social Security’s combined Trust Funds can pay all scheduled benefits through 2034, at which point the Trust Funds would be able to pay approximately 77 percent of scheduled benefits. The Trustees also find that Social Security Disability Insurance Trust Fund can pay full scheduled benefits through 2028, after which the fund will be able to pay about 93 percent of scheduled benefits. This is 5 years longer than projected in the 2016 Trustees Report, due to declines in applications, awards, and the number of people receiving Social Security disability benefits. Additional key points about the Trustees Report are available from the Consortium for Citizens with Disabilities Social Security Task Force.
The Social Security Subcommittee of the House Committee on Ways and Means held a hearing on the 2017 Trustees Report. The witness was Stephen C. Goss, Chief Actuary, Social Security Administration. Visit the Committeeweb site to view testimony and archived video.