The Social Security Board of Trustees on Thursday released its annual report on the financial status of the Social Security Trust Funds.

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 2035, one year later than projected last year, with 80 percent of benefits payable at that time.

The OASI Trust Fund is projected to become depleted in 2034, one year later than last year’s estimate, with 77 percent of benefits payable at that time. The DI Trust Fund asset reserves are not projected to become depleted during the 75-year projection period.

In the 2022 Annual Report to Congress, the Trustees announced:

· The asset reserves of the combined OASI and DI Trust Funds declined by $56 billion in 2021 to a total of $2.852 trillion.

· The total annual cost of the program is projected to exceed total annual income in 2022 and remain higher throughout the 75-year projection period. Total cost began to be higher than total income in 2021. Social Security’s cost has exceeded its non-interest income since 2010.

· The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2035 – one year later than last year’s projection. At that time, there would be sufficient income coming in to pay 80 percent of scheduled benefits.

“It is important to strengthen Social Security for future generations. The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually,” said Kilolo Kijakazi, Acting Commissioner of Social Security. “Social Security will continue to be a vital part of the lives of 66 million beneficiaries and 182 million workers and their families during 2022.”

Other highlights of the Trustees Report include:

Total income, including interest, to the combined OASI and DI Trust Funds amounted to $1.088 trillion in 2021. ($980.6 billion from net payroll tax contributions, $37.6 billion from taxation of benefits, and $70.1 billion in interest)

· Total expenditures from the combined OASI and DI Trust Funds amounted to nearly $1.145 trillion in 2021.

· Social Security paid benefits of $1.133 trillion in calendar year 2021. There were about 65 million beneficiaries at the end of the calendar year.

· The projected actuarial deficit over the 75-year long-range period is 3.42 percent of taxable payroll – lower than the 3.54 percent projected in last year’s report.

· During 2021, an estimated 179 million people had earnings covered by Social Security and paid payroll taxes.

· The cost of $6.5 billion to administer the Social Security program in 2021 was a very low 0.6 percent of total expenditures.

· The combined Trust Fund asset reserves earned interest at an effective annual rate of 2.5 percent in 2021.

The Board of Trustees usually comprises six members. Four serve by virtue of their positions with the federal government: Janet Yellen, Secretary of the Treasury and Managing Trustee; Kilolo Kijakazi, Acting Commissioner of Social Security; Xavier Becerra, Secretary of Health and Human Services; and Martin J. Walsh, Secretary of Labor. The two public trustee positions are currently vacant.

View the 2022 Trustees Report at www.socialsecurity.gov/OACT/TR/2022/

Online Services and Telephone Remain Most Convenient Ways to Contact Agency

“I am pleased to announce that local Social Security offices will restore in-person services, including for people without an appointment, on April 7, 2022.

To avoid waiting in line, I strongly encourage people, who can, to use our online services at www.socialsecurity.gov, call us, and schedule appointments in advance rather than walking in without an appointment. Phone appointments can save you a trip to a busy office. I thank the public for your patience as we work to increase service.

Customers who walk in without appointments may encounter delays and longer waits at our offices. Be aware that our offices tend to be the busiest first thing in the morning, early in the week, and during the early part of the month, so people may want to plan to visit at other times. Given that many of the people we serve have health vulnerabilities, and consistent with our union agreements, we are continuing to require certain safety measures including masking, physical distancing, and self-health checks for COVID-19 symptoms. We will provide masks to the public and employees if they need them.

Thoughtful planning and preparation have shaped our process to restore in-person services. Social Security employees are dedicated to serving the public, and we are ready to welcome the public back to our offices. Our local managers understand and can address the needs of their communities. We have also implemented office-to-office support as well as brought recently retired employees back to assist the public. We thank the many interested stakeholders including the Department of Health and Human

Services’ Administration for Community Living and national advocate organizations for your help.

Throughout the pandemic, millions of people have used our secure and convenient online services and received help by phone. People who have access to the internet should first try our online services before calling us or visiting an office.

As we transition to a new modern phone system, some people may experience a busy signal or be unintentionally disconnected from their call. We sincerely regret this disruption and recommend people call when our National 800 Number may be less busy, such as before 10 a.m. or after 4 p.m. local time or later in the week. Like our offices, our waits are generally shorter later in the month.

To learn more, please visit www.socialsecurity.gov/coronavirus/gethelp/ and www.socialsecurity.gov/onlineservices/.”

Additional Information

Most Social Security services are available to the public online at www.socialsecurity.gov and with a my Social Security account, or by telephone. And most Social Security services do not require the public to take time to visit an office. People may create their my Social Security account, a personalized online service, at www.socialsecurity.gov/myaccount.

People who set up their my Social Security account have access to additional personalized services. They can request a replacement Social Security card online if they meet certain requirements. If they already receive Social Security benefits, they can start or change direct deposit online, request a replacement SSA-1099, and if they need proof of their benefits, they can print or download a current Benefit Verification Letter from their account.

People not yet receiving benefits can use their online account to get a personalized Social Security Statement, which provides their earnings information as well as estimates of their future benefits. The portal also includes a retirement calculator and links to information about other online services, such as applications for retirement, disability, and Medicare benefits.

Many Social Security services are also conveniently available by dialing toll-free, 1-800-772-1213. People who are deaf or hard of hearing may call Social Security’s TTY number, 1-800-325-0778.

Social Security wants to help you get the services you need as quickly and safely as possible. Your personal my Social Security account at www.ssa.gov/myaccount is your gateway to doing business with our agency online.

Whether you receive benefits now or in the future, you will want to create your personal my Social Security account or use the one you may already have. More than 65 million people already have an account!

Did you know you can use your personal my Social Security account to accomplish many tasks? You can check the status of your application or appeal, verify your earnings, estimate future benefits, or manage the benefits you already receive. At this time, individuals having a valid and unexpired driver’s license or government identification card issued by Washington, D.C. or 46 participating states can also request a replacement social security card online. Watch our brief video at www.youtube.com/watch?v=2hjJqUAFSXI about the benefits of having an account.

We are committed to protecting your information and benefits and take this responsibility seriously. That’s why we ask for personal information to verify your identity to create a personal my Social Security account. We work with external partners to securely verify your identity. We do this to protect your data while making our online services easy for you to use.

· Ready to sign up? You can now create your new my Social Security account through either of these two credential partners: Login.gov or ID.me.

· Login.gov is the public’s one account for simple, secure, and private access to participating U.S. government agencies.

· ID.me is a single sign-on provider that meets the U.S. government’s online identity proofing and authentication requirements.

A credential includes your username, password, and two-step verification factors. A trusted credential partner helps us securely verify your identity online.

Here is a brief list of some things you need to know when creating or accessing your personal my Social Security account.

1. I have never accessed my Social Security, and I do not have a Login.gov or ID.me credential: Visit the my Social Security webpage at www.ssa.gov/myaccount to get started. You will have the option to create an account with your preferred credential partner, Login.gov or ID.me. Keep in mind:

· You must be 18 years of age or older and have a social security number.

· You will be redirected to the partner’s website when you select “Sign in with Login.gov” or “Sign in with ID.me.”

· You must provide a valid email address and some additional information.

· Once you create the credential, you’ll return to the my Social Security webpage for the next steps.

2. I have never accessed my Social Security, but I already have a Login.gov or ID.me credential:

You can sign in with your credential on the my Social Security webpage at www.ssa.gov/myaccount and follow the prompts.

3. I have accessed my Social Security with a Social Security username and password that I created before September 18, 2021:

You should still sign in using your Social Security username and password. This is the first option on the Sign In screen secure.ssa.gov/RIL/SiView.action.

4. I have accessed my Social Security using my existing Login.gov or ID.me credential:

You can sign in to my Social Security using either Login.gov or ID.me credential.

Please encourage your friends and family to create their personal my Social Security account today at www.ssa.gov/myaccount.

Due to the COVID-19 pandemic, Social Security offices could not receive visitors except for previously arranged appointments. However, we continue providing our services by phone and internet. If you have questions on Social Security benefits and services, please access www.socialsecurity.gov.

You could also access our automated services at 1-800-772-1213 or call your local Social Security office Monday to Friday from 9:00AM to 4:00PM. To locate the telephone number of your local field office, please input your residential zip code at www.ssa.gov/locator/

Each March, we celebrate Women’s History Month. It is a time to reflect on the achievements of women. Social Security has served a vital role in the lives of women for more than 85 years.

Women have longer average life expectancies than men, which means they live more years in retirement and have a greater chance of exhausting other sources of income. It’s important for women to plan early and wisely for retirement.

Our retirement pages at www.ssa.gov/retirement provide detailed information about how life events can affect a woman’s Social Security retirement benefits. These events may include marriage, widowhood, divorce, self-employment, government service, and other life or career changes.

Your earnings history will determine your future benefits, so we encourage you to verify that the information we have is correct. You can create your personal my Social Security account at www.ssa.gov/myaccount and review your earnings history.

If you find an error in your earnings record, it is important to get it corrected so you receive the benefits you earned when you retire. Our publication, How to Correct Your Social Security Earnings Record at www.ssa.gov/pubs/EN-05-10081.pdf, provides you with details on how to make a correction. You also can view your Social Security Statement on your my Social Security account, for estimates of future benefits and other important planning information.

If you would like to learn more about how we can help women plan for retirement, check out our online booklet, Social Security: What Every Woman Should Know. You can find it at www.ssa.gov/pubs/EN-05-10127.pdf. Please share this information with family and friends.

Due to the COVID-19 pandemic, Social Security offices could not receive visitors except for previously arranged appointments on special limited critical situations. However, we continue providing our services by phone and internet. If you have questions on Social Security benefits and services, please access www.socialsecurity.gov.

You could also access our automated services at 1-800-772-1213 or call your local Social Security office Monday to Friday from 9:00 AM to 4:00 PM. To locate the telephone number of your local field office, please input your residential zip code at www.ssa.gov/locator/ .