The 2024 Social Security Report was just released. These are the magic words.
Under the Trustees’ intermediate assumptions, OASDI cost exceeds total income in 2024 and in every year thereafter through 2098, and the level of the hypothetical combined trust fund reserves declines until reserves become depleted in 2035, one year later than projected in last year’s report.
Expressed in present-value dollars discounted to January 1, 2024, the open-group unfunded obligation for OASDI is $22.6 trillion over the 75-year projection period through 2098. This value is $0.2 trillion more than the measured level in last year’s report of $22.4 trillion over the 75-year projection period through 2097, discounted to January 1, 2023.
This is good news. Social Security will be solvent until 2035, and the open-group unfunded obligation went up only $200 billion since last year. If every year the solvency date is pushed out 1 year then it will never go unsolvent.
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