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2023 Social Security Trustees Report

On Behalf of | Apr 6, 2023 | Social Security Disability |

On March 31, 2023, the Social Security Board of Trustees released its annual report on the financial status and security of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds. According to the 2023 Trustees Report, the combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2034, one year earlier than projected last year, with 80 percent of benefits payable at that time.[1]

The Old-Age and Survivors Insurance Trust Fund, which funds Social Security retirees, their spouses and children, and survivors of deceased workers, will be unable to pay full benefits in 2033, a year earlier than previously expected. At that time, the program will only have funds to pay 77 percent of total scheduled benefits. However, the Disability Insurance trust, which funds disabled workers, their spouses, and their children, will not become depleted during the 75-year projection.

A separate report for Medicare shows that its Hospital Insurance Trust Fund can continue paying full benefits through 2031, three years longer than previously expected. The trustees stated the Medicare trust is set to begin drawing on its reserves in 2025. When the reserves are exhausted in 2031, Medicare will have enough revenue to pay only 89 percent of their fees.

The Social Security trustees called on Congress to act and address the projected trust fund shortfalls so that Social Security can continue to provide for retired and disabled workers for years to come.

For more information about Social Security and SSI benefits, contact an experienced Social Security disability attorney at Gardberg & Kemmerly, P.C. today at 251-343-1111 for a free case evaluation. Gardberg & Kemmerly, P.C. represents Social Security disability claimants in Alabama, Mississippi, Florida, and Louisiana at all levels of the disability process from initial application to appeals to Federal Court.





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