Social Security – Trustees Release 2018 Annual Report; House Holds Hearing

Last week, the Social Security Board of Trustees released “The 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.” The 2018 report finds that at the end of 2017, Social Security’s reserves were $2.89 trillion. 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 79 percent of scheduled benefits. The Trustees also find that the Social Security Disability Insurance Trust Fund can pay full scheduled benefits through 2032, after which the fund will be able to pay about 96 percent of scheduled benefits. This is 4 years later than projected in the 2017 Trustees Report, due to ongoing 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 2018 Trustees Report. The witness was Stephen C. Goss, Chief Actuary, Social Security Administration. Visit the Committee web site to view testimony and archived video.

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