Today I am continuing with information from the Social Security Board of Trustees annual report on the long-term financial status of the Social Security Trust Funds.
There are two separate Social Security trust funds, the Old-Age and Survivors Insurance (OASI) fund, and Disability Insurance (DI) fund. While by law these are separate, overall fund information is often combined for simplicity as the OASDI funds.
The Trustees report has data about each separate fund and both combined. Showing combined OASDI data, information provided today is an excerpt from the Trust Fund Financial Operations in 2015 section.
Numbers are in the billions. Totals do not necessarily equal the sums of rounded components.
Asset reserves at end of 2014: $2,789.5 billion
Total income in 2015: $920.2 billion
Net payroll tax contributions: 794.9
Reimbursement from General Fund 0.3
Taxation of benefits 31.6
Total Expenditures in 2015 $897.1 billion
Asset reserves at end of 2015: $2,812.5 billion
In 2015, net payroll tax contributions accounted for 86 percent of total trust fund income. Net payroll tax contributions consist of taxes paid by employees, employers, and the self-employed on earnings covered by Social Security.
Almost 99 percent of expenditures from the combined OASI and DI Trust Funds in 2015 were retirement, survivor, and disability benefits totaling $886.3 billion.
The trust fund investments provide a reserve to pay benefits whenever total program cost exceeds income. Trust fund reserves increased by $23.0 billion for 2015 because total income to the combined funds, including interest earned on trust fund reserves, exceeded total expenditures. …