Projected Depletion Of The Social Security Disability Insurance Trust Fund
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Projected Depletion Of The Social Security Disability Insurance Trust Fund
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Author : United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security and Family Policy
language : en
Publisher:
Release Date : 1993
Projected Depletion Of The Social Security Disability Insurance Trust Fund written by United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security and Family Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
The Status Of The Social Security Trust Funds
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Author : United States. Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds
language : en
Publisher:
Release Date : 1963
The Status Of The Social Security Trust Funds written by United States. Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1963 with Old age pensions categories.
Social Security
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Author : William Morton
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2017-10-09
Social Security written by William Morton and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-09 with categories.
The Social Security program pays monthly cash benefits to retired or disabled workers and their family members and to the family members of deceased workers. Program income and outgo are accounted for in two separate trust funds authorized under Title II of the Social Security Act: the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund. Projections show that the OASI fund will remain solvent until 2035, whereas the DI fund will remain solvent until 2028, meaning that each trust fund can pay benefits scheduled under current law in full and on time up to that point. Following the depletion of trust fund reserves (2028 for DI and 2035 for OASI), continuing income to each fund is projected to cover 93% of DI scheduled benefits and 75% of OASI scheduled benefits. The two trust funds are legally distinct and do not have authority to borrow from each other. However, Congress has authorized the shifting of funds between OASI and DI in the past to address shortfalls in a particular fund. Therefore, this CRS report discusses the operations of the OASI and DI trust funds on a combined basis, referring to them collectively as the Social Security trust funds. On a combined basis, the trust funds are projected to remain solvent until 2034. Following depletion of combined trust fund reserves at that point, continuing income is projected to cover 77% of scheduled benefits. Social Security is financed by payroll taxes paid by covered workers and their employers, federal income taxes paid by some beneficiaries on a portion of their benefits, and interest income from the Social Security trust fund investments. Social Security tax revenues are invested in U.S. government securities (special issues) held by the trust funds, and these securities earn interest. The tax revenues exchanged for the U.S. government securities are deposited into the General Fund of the Treasury and are indistinguishable from revenues in the General Fund that come from other sources. Because the assets held by the trust funds are U.S. government securities, the trust fund balance represents the amount of money owed to the Social Security trust funds by the General Fund of the Treasury. Funds needed to pay Social Security benefits and administrative expenses come from the redemption or sale of U.S. government securities held by the trust funds. The Social Security trust funds represent funds dedicated to pay current and future Social Security benefits. However, it is useful to view the trust funds in two ways: (1) as an internal federal accounting concept and (2) as the accumulated holdings of the Social Security program. By law, Social Security tax revenues must be invested in U.S. government obligations (debt instruments of the U.S. government). The accumulated holdings of U.S. government obligations are often viewed as being similar to assets held by any other trust on behalf of the beneficiaries. However, the holdings of the Social Security trust funds differ from those of private trusts because (1) the types of investments the trust funds may hold are limited and (2) the U.S. government is both the buyer and seller of the investments. This report covers how the Social Security program is financed and how the Social Security trust funds work.
Social Security Disability Insurance
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Author : Virginia P. Reno
language : en
Publisher:
Release Date : 2014
Social Security Disability Insurance written by Virginia P. Reno and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Currently, 8.8 million disabled workers (and nearly 2 million of their children) receive Social Security Disability Insurance (DI) benefits. For many, DI benefits are nearly all the income they have. The DI trust fund reserves are projected to be depleted in 2016, after which tax revenues coming into DI would cover only about 80% of scheduled benefits. Congress has never permitted such a drop in Social Security benefits to occur. A temporary reallocation of part of Social Security's 6.2% tax rate from the Old-Age and Survivors Insurance (OASI) trust fund to the DI trust fund would ensure that both funds can pay full benefits until 2033, after which scheduled taxes would cover about 75% of scheduled benefits. Congress has reallocated the tax rate 11 times in the past, making it what one expert has called “a traditional and noncontroversial action.” Alternatively, a 0.2% increase in the tax rate for DI would make DI solvent for the next 75 years.
Annual Report Of The Board Of Trustees Of The Federal Old Age And Survivors Insurance And Disability Insurance Trust Funds
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Author : United States. Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds
language : en
Publisher:
Release Date : 2013
Annual Report Of The Board Of Trustees Of The Federal Old Age And Survivors Insurance And Disability Insurance Trust Funds written by United States. Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Social security categories.
Status Of The Social Security And Medicare Programs
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Author : United States. Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds
language : en
Publisher:
Release Date : 1996
Status Of The Social Security And Medicare Programs written by United States. Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Medicare categories.
Social Security Finances
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Author : Elisa Walker
language : en
Publisher:
Release Date : 2014
Social Security Finances written by Elisa Walker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The 2014 Trustees Report updates projections about the future finances of Social Security's two trust funds. The Disability Insurance (DI) trust fund, which is legally separate from the Old-Age and Survivors Insurance (OASI) trust fund, will require legislative action soon to ensure that all scheduled benefits for disabled workers and their families can be paid in 2016 and beyond. Of the 6.2 percent of earnings that workers and employers each pay into Social Security, 5.3 percent goes to the OASI trust fund and 0.9 percent goes to the DI trust fund. A 0.2 percentage-point increase in the DI contribution rate (from 0.9 percent to 1.1 percent for workers and employers each) would fully fund the DI program for the next 75 years. Alternatively, a temporary reallocation of part of the OASI contribution rate would strengthen DI while keeping the OASI fund adequately funded for many years into the future.On a combined OASDI basis, Social Security is fully funded until 2033, but faces a long-term shortfall thereafter. In 2013, Social Security revenue plus interest income exceeded outgo by $32 billion, leaving a surplus. Reserves, now at $2.8 trillion, are projected to grow to $2.9 trillion by the end of 2019. Then, if Congress takes no action in the meantime, reserves would start to be drawn down to pay benefits. If Congress does not act before 2033, Social Security is projected to face a shortfall. Its reserves would be depleted and revenue continuing to come into the trust funds from workers' and employers' contributions and taxation of benefits would cover about 77 percent of scheduled benefits (and administrative costs, which are less than 1 percent of outgo). Timely revenue increases and/or gradual benefit reductions can bring the program into balance over the long term, preventing the projected shortfall.
Projected Depletion Of The Social Security Disability Insurance Trust Fund
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Author : United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security and Family Policy
language : en
Publisher:
Release Date : 1993
Projected Depletion Of The Social Security Disability Insurance Trust Fund written by United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security and Family Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
Report Of The National Commission On Social Security Reform
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Author : United States. National Commission on Social Security Reform
language : en
Publisher:
Release Date : 1983
Report Of The National Commission On Social Security Reform written by United States. National Commission on Social Security Reform and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Disability insurance categories.
Social Security Finances
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Author : Elisa Walker
language : en
Publisher:
Release Date : 2014
Social Security Finances written by Elisa Walker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The 2013 Trustees Report updates projections about the future finances of Social Security's two trust funds. The Disability Insurance (DI) trust fund, which is legally separate from the Old-Age and Survivors Insurance (OASI) trust fund, requires legislative action soon to ensure that all scheduled benefits for disabled workers and their families can be paid in 2016 and beyond. Of the 6.2 percent of earnings that workers and employers each pay into Social Security, 5.3 percent goes to the OASI trust fund and 0.9 percent goes to the DI trust fund. A temporary reallocation of that rate could strengthen DI while only slightly changing the trustees' OASI financial forecast.On a combined OASDI basis, Social Security is fully funded until 2033, but faces a long-term shortfall thereafter. In 2012, Social Security revenue plus interest income exceeded outgo by $54 billion, leaving a surplus. Reserves, now at $2.7 trillion, are projected to grow to $2.9 trillion by the end of 2020. Then, if Congress takes no action in the meantime, reserves would start to be drawn down to pay benefits. In the highly unlikely event that Congress does not act before 2033, the reserves would be depleted and revenue continuing to come into the trust funds from workers' and employers' contributions and taxation of benefits would cover about 77 percent of scheduled benefits (and administrative costs, which are less than 1 percent of outgo). Timely revenue increases and/or gradual benefit reductions can bring the program into balance over the long term.