Washington, DC – Today, Social Security’s Board of Trustees issued its annual report to Congress outlining the financial outlook for the Old-Age, Survivors, and Disability Insurance Trust Funds. The 2021 OASDI Trustees Report is the first to reflect the potential effects of the COVID pandemic. The report projects the combined reserves to become depleted in 2034, one year sooner than previously projected.
From 1 – 2:30 pm, on Friday, September 3, the Board will host a public session on assessing Social Security’s financial outlook. Social Security’s Chief Actuary, Steve Goss, will provide a briefing on the actuarial projections of these programs. Mark Warshawsky from the American Enterprise Institute and Monique Morrissey from the Economic Policy Institute will provide discussant remarks.
Goss, a member of the Trustees Working Group responsible for generating the report’s projections, has worked in the Social Security Office of the Actuary for over three decades and has been Chief Actuary since 2001. Warshawsky served as Social Security’s Deputy Commissioner for Retirement and Disability Policy until January 2021. Morrissey has served as an Economist at EPI since 2006.
By law, the Trustees are required to report on the trust funds’ financial operations for the immediate past year, projected operations over the next 5 years, and the actuarial status.
“The public deserves a fair assessment of Social Security’s financial outlook,” said Board Chair Bob Joondeph. “The Board is pleased to help facilitate this discussion of the report’s key findings to inform the Board and public.”
The recording will be made available on the Board’s website following the meeting. For past sessions, visit the Board’s meetings page.
The Board’s mission is to advise the President, Congress, and Commissioner of Social Security on the Social Security and Supplemental Security Income programs. The Board is comprised of Presidential and Congressional appointees with professional staff.