Social Security Trust Fund Faces Accelerated Depletion, Benefits at Risk by 2034

The Social Security Board of Trustees has released a new report warning that the combined reserves of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds are projected to be depleted by 2034, a year earlier than previously forecast. Without legislative intervention, only 81% of scheduled benefits will be payable to recipients after that date.

The report details that the OASI Trust Fund, which provides retirement and survivor benefits, is expected to be exhausted by 2033. At that point, beneficiaries would receive just 77% of their scheduled payments. In contrast, the DI Trust Fund, which supports workers with disabilities, is projected to remain solvent for at least the next 75 years.

Since 2010, Social Security program costs have consistently exceeded non-interest income, and since 2021, total costs have outpaced total income, further straining the system’s financial health.

Frank Bisignano, Commissioner of Social Security, urged Congress to take prompt action to address the funding shortfall. He stressed the importance of ensuring continued benefits for the 185 million workers and 70 million beneficiaries expected in 2025. "The administration is committed to eliminating waste, fraud, and abuse to help strengthen the program’s financial stability," Bisignano stated.

The report’s findings underscore the urgency of legislative reforms to secure the future of Social Security and protect millions of Americans who depend on the program for financial support.