Office of the Chief Actuary’s Estimates of Proposals to Change the Social Security Program or the SSI Program

Link: https://www.ssa.gov/oact/solvency/index.html

Excerpt:

The last 11 Trustees Reports have indicated that Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) Trust Fund reserves would become depleted between 2033 and 2035 under the intermediate set of assumptions provided in each report. If no legislative change is enacted, scheduled tax revenues will be sufficient to pay only about three-fourths of the scheduled benefits after trust fund depletion. Policymakers have developed proposals and options that have financial effects on the OASDI Trust Funds. Many of these proposals and options have the intent of addressing the long-range solvency problem.

The Office of the Chief Actuary also develops estimates of proposals to change the Supplemental Security Income (SSI) program.

We have prepared letters or memoranda for many of these proposals and options. Each letter or memorandum provides an actuarial analysis showing the estimated effect on the financial status of the Social Security program and/or the SSI program.

Publication Date: accessed 4 Dec 2022

Publication Site: Office of the Chief Actuary, Social Security Administration

Social Security Sees Slowdown in Retiree Rolls Amid Covid Deaths

Link: https://www.bloomberg.com/news/articles/2021-05-03/social-security-sees-slowdown-in-retiree-rolls-amid-covid-deaths

Graphic:

Excerpt:

The rate of growth in retired Americans who collect Social Security has slowed down sharply, and the drop may be due in part to the disproportionate number of deaths from Covid-19 among the elderly.

The number of people who received retirement benefits from the Social Security Administration rose 900,000 to 46.4 million in March, the smallest year-over-year gain since April 2009.

While the Office of the Chief Actuary at the government agency said it is still too early to assess the impact from Covid-19, the year-over-year change appears to reflect excess deaths. About 447,000 people who died from the virus were 65 or older, according to data from the Centers for Disease Control and Prevention, or about 80% of total deaths.

Author(s): Alexandre Tanzi

Publication Date: 3 May 2021

Publication Site: Bloomberg