BALTIMORE, Md. — The Social Security Board of Trustees has released its 2026 annual report, showing that the combined Social Security trust funds are projected to remain able to pay full scheduled benefits through 2034, the same estimate provided in last year’s report.
However, the report warns that if Congress does not take action before then, the program’s reserves will be depleted, resulting in reduced benefits for retirees, survivors, and disabled beneficiaries beginning in 2034.
According to the report, the combined reserves of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds declined by $160 billion during 2025, ending the year with approximately $2.56 trillion in reserves.
The Trustees project that by 2034, the trust funds will no longer have sufficient reserves to cover all scheduled benefits. At that point, incoming revenue would be enough to pay about 83 percent of scheduled benefits.
The OASI trust fund, which primarily supports retirement and survivor benefits, is expected to become depleted sooner, during the fourth quarter of 2032. At that time, revenue would be sufficient to pay approximately 78 percent of scheduled benefits. The Disability Insurance trust fund is projected to remain financially stable throughout the next 75 years.
The report notes that Social Security’s financial challenges continue to grow as program costs outpace income. Total program costs exceeded total income beginning in 2021 and are expected to remain higher throughout the 75-year projection period. Costs have exceeded non-interest income since 2010.
In 2025, the Social Security program generated $1.45 trillion in total income, including payroll taxes, taxation of benefits, and interest earnings. During the same period, expenditures totaled $1.61 trillion, resulting in the continued drawdown of trust fund reserves.
Social Security paid approximately $1.60 trillion in benefits to 70 million Americans in 2025. An estimated 185 million workers contributed payroll taxes that support the program.
Frank J. Bisignano, Commissioner of Social Security, emphasized the administration’s commitment to protecting the program while improving service to beneficiaries.
“Under the Trump Administration, we are committed to protecting and strengthening Social Security,” Bisignano said. “To protect the promise of Social Security, it is important for lawmakers and the Social Security Administration to work together to ensure the trust funds continue to provide financial stability now and for future generations.”
The report also highlighted the efficiency of the program’s administration. Social Security spent approximately $7 billion on administrative costs in 2025, representing just 0.4 percent of total expenditures.
Trustees reported that the long-range actuarial deficit over the next 75 years increased to 4.42 percent of taxable payroll, up from 3.82 percent projected in last year’s report, indicating a growing funding gap that policymakers will need to address.
The Board of Trustees includes Treasury Secretary Scott Bessent, Social Security Commissioner Frank J. Bisignano, Health and Human Services Secretary Robert F. Kennedy Jr., and Acting Labor Secretary Keith E. Sonderling. The two public trustee positions remain vacant.
The annual Trustees Report serves as one of the federal government’s primary measures of the long-term financial health of the Social Security program, which provides retirement, disability, and survivor benefits to tens of millions of Americans.
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