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The annual report from the Social Security trustees projects that the combined trust funds — one for retirees and one for disability payments — would exhaust their reserves in 2035, the same as reported last year.
A separate report from the trustees on Medicare projects that the trust fund that pays for Medicare's 61.2 million Part A beneficiaries would be depleted sooner, in 2026, also unchanged from last year's report.
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The trustees note that the current reports, released on April 22, do not consider the impact of the coronavirus outbreak.
"Medicare and Social Security are more crucial than ever as Americans face the one-two punch of the coronavirus's health and economic consequences,” says AARP CEO Jo Ann Jenkins. “The security provided by Social Security's guaranteed benefits and Medicare's health coverage is indispensable.
"Today's reports show that both programs remain strong. However, it is crucial for Congress to come together in a bipartisan way to address the long-term funding challenges to ensure individuals will get the benefits they have earned."
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Social Security provides income to 45 million retired workers and 3.1 million dependents, and represents about 33 percent of their retirement income. Social Security also covers about 6 million survivor beneficiaries of deceased workers and 10 million disabled workers and their dependents.
If the trustees’ projections are correct, when Social Security's combined trust funds are exhausted in 2035, the program will still be able to pay 79 percent of its current benefits.
Specifically, there are two Social Security trust funds: The Old-Age and Survivors Insurance (OASI) trust fund and the Disability Insurance (DI) trust fund. The OASI trust fund, which pays retirement and survivor benefits, is projected to become depleted in 2034, unchanged from last year. After that, it would be able to pay 76 percent of scheduled benefits with continuing tax income.
The DI trust fund is estimated to become depleted in 2065, extended 13 years from last year's estimate of 2052, with 92 percent of benefits still payable thereafter.
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