RECENT NEWS:
Wed, March 26, 2025:
Trump’s elimination of Social Security paper checks could affect half a million Amerians – Axios
Top Republicans say they’re out of the loop as DOGE downsizes Social Security Administration; They aren’t complaining about it, at least publicly. But some would like a heads-up on office closures, staffing cuts and other changes that affect their constituents. – NBC News
Tues, March 25, 2025:
Long waits, waves of calls, website crashes: Social Security is breaking down. A flood of cuts led by Elon Musk has sent the agency into chaos as a new commissioner prepares to take charge. – WP
Trump pick to head Social Security Administration denies plans to privatize – The Hill
Mon, March 24, 2025:
Why DOGE is struggling to find fraud in Social Security; Claims of massive problems by Elon Musk and President Trump are at odds with the agency’s audits and reports. – WP
Sat, March 22, 2025:
New Social Security requirements pose barriers to rural communities without internet, transportation – AP
Federal judge pushes back on acting Social Security head over threat to close agency. Leland Dudek backed off his argument that a ruling blocking Elon Musk’s cost-cutting team from access to sensitive data could apply to all agency employees. – WP
Fri, March 21, 2025:
Commerce secretary: No one but ‘fraudsters’ would complain about missed Social Security check – The Hill
Thurs, March 20, 2025:
A federal judge Thursday issued a temporary restraining order barring Elon Musk’s so-called Department of Government Efficiency team from having access to personally identifiable information from the Social Security Administration. – CNBC
Republicans want Musk to shut up about Social Security – The Hill
Wed, March 19, 2025:
Dozens of SSA offices across the country are slated to close this year due to actions taken by Elon Musk’s DOGE…. The offices are closing despite a new requirement that tighter identity-proofing measures be put in place to prevent fraud and abuse. These steps will require millions of recipients and applicants to visit agency field offices. – AP
Tue, March 18, 2025:
Social Security to require millions to make claims in person rather than by phone. The change is expected to create new hardships as Trump and Musk push massive cuts to the agency that serves elderly and disabled Americans. – WP
Mon, March 17, 2025:
Social Security Employees Warn of Damage From DOGE; Current and former employees, both Republican and Democratic, are raising alarms about the damage cost-cutting efforts could do to the agency’s ability to serve the public. – NYT
Wed, March 12, 2025:
Senators to Trump Social Security nominee: “You will be responsible” if benefits are interrupted – CNBC
Social Security scraps far-reaching cuts to phone services after Post report – WP
Tues, Mar 11, 2025:
Musk eyes Social Security and benefit programs for cuts while claiming widespread fraud – AP
White House insists Musk cuts to Social Security, Medicare won’t affect benefits. Musk alleged that up to $700 billion in entitlement spending could be “waste and fraud,” raising alarm among Democrats. – WP
“Driven by Musk’s DOGE, the Social Security Administration is preparing to lay off at least 7,000 employees. The agency has also halted overtime work in backlogged offices that process Americans’ benefit claims and is closing regional and field offices that serve the public.”
Under Trump, Social Security resumes what it once called “clawback cruelty” – KFF
Thurs, Mar 6, 2025:
Former SSA head O’Malley–how Soc. Sec. cuts could put millions of older Americans at risk – PBS
Mon, Mar 3, 2025: Murray blasts Trump and Musk plans to gut SSA – SenAppropsDs
Mon, Feb 17, 2025: Top Social Security official exits after clash with DOGE over data – WP
Mon, Jan 27, 2025: Social Security Fairness Act’s boosted payments may be a year away – The Hill
Sun, Jan 5, 2025: Higher Social Security payments coming for millions who receive state or local pensions from their time as teachers, firefighters, police officers and in other public service jobs. – AP
Wed, Nov 13, 2024: House votes yes on a bill that would increase Social Security checks for some pensioners – CNBC
Fri, Nov 8, 2024: Long-Term Effects of HR 82, the Social Security Fairness Act of 2023 – CBO
Thurs, Sept 26, 2024: CBO: Answers to Questions for the Record Following a Hearing on Social Security’s Finances
Wed, Sept 25, 2024: CBO: Raising the Full Retirement Age for Social Security
Wed, Aug 28, 2024: CBO’s 2024 Long-Term Projections for Social Security
Tues, May 21, 2024: Social Security chief Martin O’Malley races to rebuild troubled agency – WashPost
Mon, May 6, 2024: 2024 Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trustees Report projects that:
- the OASI Trust Fund will be able to pay 100 percent of total scheduled benefits until 2033, unchanged from last year’s report; at that time, the fund’s reserves will become depleted and continuing program income will be sufficient to pay 79 percent of scheduled benefits; and
- the Disability Insurance (DI) Trust Fund is projected to be able to pay 100 percent of total scheduled benefits through at least 2098;
- if the OASI Trust Fund and the DI Trust Fund projections are “combined,” the resulting projected fund (designated OASDI) would be able to pay 100 percent of total scheduled benefits until 2035, one year later than reported last year. At that time, the projected fund’s reserves will become depleted and continuing total fund income will be sufficient to pay 83 percent of scheduled benefits. (The two funds could not actually be combined unless there were a change in the law, but the combined projection of the two funds is frequently used to indicate the overall status of the Social Security program.)
- For more background, see our primer, Trillions.
6/29/2023: CBO released 2023 Long-Term Projections for Social Security: “In CBO’s projections, spending for Social Security increases relative to GDP over the next 75 years, and the gap between outlays and revenues widens. If combined, the program’s trust funds would be exhausted in fiscal year 2033.”
6/14/2023: House Republican Study Comm. proposal to raise Soc. Sec. retirement age
5/30/2023: CBO answers to questions from Congress on Social Security Finances (May 2023)
Social Security in a Nutshell:
- Social Security consists of two separate parts: Old Age and Survivors Insurance (OASI) and Disability Insurance (DI).
- Under OASI, monthly benefits are paid to retired workers, their spouses and dependent children, and survivors of deceased workers (spouses, dependent children and dependent parents). Average monthly benefits for retired workers are available here. Social Security is the major source of income for most of the elderly. Generally, a worker must have 10 years (40 quarters) of covered employment to be eligible for retirement benefits.
- Retirement Age: The Social Security Amendments of 1983 established a very gradual schedule for increasing the full retirement eligibility age from 65 to 67. People can still elect to take early retirement at age 62 with lower benefits.
- Initial OASI benefits are based on a worker’s past average monthly earnings, indexed to reflect changes in national wage levels (and adjusted upward for low earners). Each subsequent year, benefits are adjusted upward to compensate for consumer price inflation. These annual adjustments are called “cost of living adjustments,” or COLAs. The Social Security benefit formula is progressive, returning a higher percentage of a lower-wage worker’s average monthly earnings. In 1983, Congress made up to 50% of Social Security benefits taxable for higher income beneficiaries; and in 1993, up to 85% was made taxable.
- Social Security Survivors Insurance (SI) is similar to life insurance. When a worker dies, his or her spouse, dependent children, disabled children over 16, dependent parents, and former spouse caring for children may qualify for Social Security survivors benefits.
- Social Security Disability Insurance (SSDI) Disability Insurance provides monthly cash benefits for disabled workers (and their dependents) who have paid into the system, met minimum work requirements, and qualify as unable to engage in “substantial gainful activity” due to a physical or mental impairment. Monthly benefits are paid to disabled workers (who have not yet reached retirement age) and their families. Average monthly benefits for disabled workers are available here.
- Initial disability benefits are based on a worker’s past average monthly earnings, indexed to reflect changes in national wage levels and adjusted upward for low earners. SSDI benefits, once approved, continue as long as the individual remains disabled or until he or she reaches the normal retirement age, at which time the benefits automatically convert to retirement benefits. Periodically, SSA conducts “continuing disability reviews” (CDRs) to determine whether the individual is still disabled. Twenty-four months after SSDI coverage begins, the disabled worker is also entitled to Medicare coverage.
- Payroll Taxes: The Social Security system is sustained by payroll taxes of 12.4%—half paid by employers and half by employees (with self-employed individuals paying roughly the full amount). However, payroll taxes are assessed on income only up to a maximum cap available here.
Additional Background and Resources:
- Annual Trustees Report
- Key Up-to-Date Facts about Social Security are available here
- Congressional Research Service Overview of Social Security is available here
- Social Security Retirement Benefits Webpage
- Social Security Disability Benefits Webpage
- Social Security Primer
- Social Security Benefit Taxation Highlights
- Social Security: Major Decisions in the House and Senate Since 1935
- CBO: Long-Term Projections for Social Security Updated annually
- SSA Fact Sheet: Social Security – number of people covered and average benefits