The Social Security Trustees Report has been released. Here's a summary from a Social Security press release:
- The asset reserves of the combined OASDI [Old Age, Survivors and Disability Insurance] Trust Funds increased by $23 billion in 2015 to a total of $2.81 trillion.
- The combined trust fund reserves are still growing and will continue to do so through 2019. Beginning in 2020, the total cost of the program is projected to exceed income.
- The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034 – the same as projected last year. At that time, there will be sufficient income coming in to pay 79 percent of scheduled benefits.