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The Trustees of the Social Security and Medicare trust funds report on the current and projected financial status of the two programs each year. This document summarizes the findings of the 2023 reports. As in prior years, we found that the Social Security and Medicare programs both continue to face significant financing issues.
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Since last year's reports, projected long-term finances of the OASI and the OASDI Trust Funds worsened due to the Trustees revising down the expected levels of gross domestic product (GDP) and labor productivity by about 3 percent over the projection window. The Trustees made this change as they reassessed their expectations for the economy in light of recent developments, including updated data on inflation and U.S. economic output.
The only disbursements permitted from the funds are benefit payments and administrative expenses. The Trustees must invest all excess funds in interest-bearing securities backed by the full faith and credit of the United States. The Department of the Treasury currently invests all program revenue in special non-marketable U.S. Government securities, which earn interest equal to rates on marketable securities with durations defined in law.
The balances in the trust funds represent the accumulated value, including interest, of all prior program annual surpluses and deficits.How are the Social Security and Medicare programs financed?Under current law, the ways the programs are financed differ by type of benefit.
OASI and DI are financed almost exclusively by payroll taxes, income tax on Social Security benefits, and interest on trust fund asset reserves.OASI and DI receive most of their income from payroll taxes. Payroll tax contributions consist of taxes paid by employees, employers, and self-employed workers. Self-employed workers pay the equivalent of the combined employer and employee tax rates.Table 2: 2023 SOCIAL SECURITY PAYROLL TAX CONTRIBUTION RATES(in percent) OASIDITotal OASDI Employees 5.30 0.90 6.20 Employers 5.30 0.90 6.20 Self-employed workers 10.60 1.80 12.40Current law establishes payroll taxes for OASI and DI, which apply to earnings up to an annual maximum ($160,200 in 2023). The maximum usually increases each year as the national average wage increases.Who Pays Income Tax on Their Social Security Benefits?
Social Security beneficiaries with incomes above $25,000 for individuals (or $32,000 for married couples filing jointly) pay income taxes on up to 50 percent of their benefits, with the revenues going to the OASI and DI Trust Funds. Those with incomes above $34,000 (or $44,000 for married couples filing jointly) pay income taxes on up to 85 percent of benefits, with the additional revenues from taxation of more than the first 50 percent going to the HI Trust Fund.HI FinancingMedicare HI receives financing from payroll taxes, income tax on Social Security benefits, premiums, and interest on trust fund asset reserves.HI receives most of its income from payroll taxes. Federal law establishes the payroll tax rates for HI.Table 3: 2023 MEDICARE HI PAYROLL TAX CONTRIBUTION RATES(in percent) HI Employees 1.45 Employers 1.45 Self-employed workers 2.90Unlike OASI and DI, there is no annual maximum on earnings subject to the HI tax. There is an additional 0.9 percent HI tax on earnings over $200,000 for individual tax return filers and over $250,000 for joint tax return filers.HI also receives income from monthly premiums paid by or on behalf of individuals who are voluntarily enrolled in Medicare Part A.SMI FinancingMedicare SMI receives financing from Government contributions, premiums paid by enrollees, payments from States, and interest on reserves. For SMI, Government contributions, which are set prospectively based on projected program costs for the year, represent the largest source of income. Part B and Part D enrollees pay monthly premiums3 that cover most of the costs that the Government contributions do not cover. Under current law, Part B and Part D premium amounts increase as the estimated costs of those programs rise. In 2023, the Part B standard monthly premium is $164.90. Individual tax return filers whose modified adjusted gross income exceeds $97,000 and joint return filers who exceed $194,000 must pay the standard premium plus an income-related adjustment amount. In 2023, that additional amount ranges from $65.90 to $395.60 per month.In 2023, the Part D base beneficiary premium is $32.74. However, actual premium amounts charged to Part D beneficiaries depend on the specific plan they have selected. The actual amount for the basic benefit is projected to average around $32 each month for standard coverage in 2023. If Part D enrollees have modified adjusted gross income that exceeds the same threshold amounts listed just above for Part B, they must pay an income-related adjustment amount. That additional amount ranges from $12.20 to $76.40 per month in 2023.Part D also receives payments from States that reflect the estimated amounts they would have paid for prescription drug costs for individuals eligible for both Medicare and Medicaid if Medicaid was still the primary payer.Finally, the SMI Trust Fund also receives income from interest on its accumulated reserves invested in U.S. Government securities.Who Are the Trustees?The Social Security Act established the Social Security and Medicare Boards of Trustees to oversee the financial operations of the Social Security and Medicare trust funds. Further, the Social Security Act requires that the Boards report annually to the Congress on the financial and actuarial status of the trust funds.
Benefit payments accounted for 99 percent of OASI program costs, 98 percent of DI program costs, 98 percent of HI costs, and 99 percent of SMI costs. Administrative expenses made up 0.4 percent of OASI program costs, 1.9 percent of DI program costs, 1.6 percent of HI program costs, and 1.0 percent of SMI program costs. PROJECTED TRUST FUND OPERATIONSEach year, the Trustees project the future cost and income for each of the trust funds for the next 75 years. This section provides the short-range (10-year) and long-range (75-year) financial projections for the OASI, DI, and HI Trust Funds. The SMI Trust Fund is not discussed in this context because Federal law sets premium increases and Government contributions so that annual income matches annual costs.The Trustees project that the combined OASI and DI Trust Fund reserves will continue to decrease in 2023 because total cost ($1,388 billion) is expected to exceed total income ($1,335 billion). For OASDI, the Trustees project that total cost will exceed total income in all future years, as it has starting in 2021. The Trustees project an increase in HI Trust Fund asset reserves in 2023, as total income ($407 billion) is expected to exceed total cost ($402 billion). Annual HI deficits are projected to return in 2025 and to persist for the remainder of the projection period. The key dates for the OASI, DI, and HI Trust Funds are: Table 7: KEY DATES FOR THE TRUST FUNDS
During the same period, projected Government contributions to the SMI Trust Fund increase more rapidly from 1.6 percent of GDP in 2023 to 3.0 percent in 2097. Beneficiary premiums increase from 0.6 percent of GDP to 1.1 percent. Therefore, the share of total non-interest Medicare income from taxes declines from 39 percent to 31 percent, while the Government contributions share rises from 43 percent to 50 percent and the share of premiums rises from 16 percent to 19 percent.
If these two legally separate trust funds were combined, then OASDI trust fund asset reserves hypothetically would be projected to be depleted in 2034, 1 year earlier than projected in the 2022 report.The actuarial balance for the OASDI trust funds worsened in the 2023 report, with a 0.19 percentage point decrease.Table 11: CHANGE IN THE OASDI 75-YEAR ACTUARIAL BALANCE SINCE THE 2022 REPORT, BASED ON INTERMEDIATE ASSUMPTIONS(As a percentage of taxable payroll) OASI DI OASDI Shown in the 2022 report: Actuarial balance -3.41 -0.01 -3.42 Changes in actuarial balance due to changes in: Legislation / Regulation a a a Valuation period -.05 -.01 -.05 Demographic data and assumptions -.03 a -.03 Economic data and assumptions -.04 a -.04 Disability data and assumptions a .01 .01 Methods and programmatic data -.08 .02 -.06 Total change in actuarial balance -.21 .02 -.19 Shown in the 2023 report: Actuarial balance -3.62 .01 -3.61a Between -0.005 and 0.005 of taxable payroll.
Note: Totals do not necessarily equal the sums of rounded components. A negative actuarial balance is a deficit.
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All Corporations are required to file an Annual Report in Mississippi. This report can be filed any time on or after January 1st of the calendar year and is due by April 15th of that year. Corporations that fail to file a corporate annual report will be administratively dissolved.
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