Every year, the government-appointed Board of Trustees releases a report on the financial outlook for the Social Security and Medicare Trust Funds. The Trustees released the 2021 Trustees Report on August 31, 2021. It reported:
- The combined trust fund reserves are projected to become depleted in 2034, if Congress does not act before then — one year earlier than projected last year. At that time, there will be sufficient income coming in to pay 78% of scheduled benefits.
- The projected actuarial deficit over the 75-year long-range period is 3.54% of taxable payroll — higher than the 3.21% projected in last year's report.
- The total annual cost of the program is projected to exceed total annual income, for the first time since 1982, in 2021 and remain higher throughout the 75-year projection period. As a result, asset reserves are expected to decline during 2021. Social Security’s cost has exceeded its non-interest income since 2010.
Reports From The Board Of Trustees
Status of the Social Security and Medicare Programs
Medicare: Trustees Report & Trust Funds