2023 Social Security Report

 The 2023 Social Security Trustees Report was released about April 1, 2023 but I didn't comment on it.  Here are the key findings. 

Under the Trustees’ intermediate assumptions, OASDI cost is projected to exceed total income in 2023, and the dollar level of the hypothetical combined trust fund reserves declines until reserves become depleted in 2034, one year earlier than projected in last year’s report.

The open-group unfunded obligation for OASDI is $22.4 trillion in present value over the 75-year projection period through 2097 and is $2.0 trillion more than the measured level of $20.4 trillion over the 75-year projection period through 2096 in last year’s report.

The OASI Trust Fund reserves are projected to become depleted in 2033, at which time OASI income would be sufficient to pay 77 percent of OASI scheduled benefits.