- The projected point at which the combined Trust Funds will be exhausted comes in 2033 – three years sooner than projected last year. At that time, there will be sufficient non-interest income coming in to pay about 75 percent of scheduled benefits.
- The projected actuarial deficit over the 75-year long-range period is 2.67 percent of taxable payroll — 0.44 percentage point larger than in last year’s report.
- Over the 75-year period, the Trust Funds would require additional revenue equivalent to $8.6 trillion in present value dollars to pay all scheduled benefits.
- Income including interest to the combined OASDI Trust Funds amounted to $805 billion in 2011. ($564 billion in net contributions, $24 billion from taxation of benefits, $114 billion in interest, and $103 billion in reimbursements from the General Fund of the Treasury—almost exclusively resulting from the 2011 payroll tax legislation)
- Total expenditures from the combined OASDI Trust Funds amounted to $736 billion in 2011.
- Non-interest income fell below program costs in 2010 for the first time since 1983. Program costs are projected to exceed non-interest income throughout the remainder of the 75-year period.
- The assets of the combined OASDI Trust Funds increased by $69 billion in 2011 to a total of $2.7 trillion.
- During 2011, an estimated 158 million people had earnings covered by Social Security and paid payroll taxes.
- Social Security paid benefits of $725 billion in calendar year 2011. There were about 55 million beneficiaries at the end of the calendar year.
- The cost of $6.4 billion to administer the program in 2011 was a very low 0.9 percent of total expenditures.
- The combined Trust Fund assets earned interest at an effective annual rate of 4.4 percent in 2011.
November 22, 2013 //
This “Bears fan” gets his blood-pressure checked during the recently held Affordable Care Act enroll...
November 21, 2013 //
PHOTO AND QUESTION BY YVONNE KEMP Rev. Louis E. Sibley, III (Pastor of Mt. Zion MBC): “The church...