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Social Security is a complex program, and one of the more confusing aspects is the financial state of its trust funds: the Old-Age and Survivors Insurance (OASI) fund (which covers retirement ...
While FICA payroll taxes accounted for 90% of Social Security’s revenue in 2021, AARP reported, most of the rest was funded through the OASI trust fund and interest earned by the fund.
One of the biggest impacts will happen after Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund runs out of money, which is expected to happen in about a decade. When it does ...
Between 1975 and 2008, the OASI was subject to ten actual revisions and three minor legislative revisions. An 11th revision is under discussion in 2009. This is a pay-as-you-go pension system, the law on occupational pensions (2nd pillar) being a funded pension system. The OASI also allows for a (partial) redistribution of wealth. [2]
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However, due to interest (earned at a 3.6% rate in 2014) the program will run an overall surplus that adds to the fund through the end of 2019. Under current law, the securities in the Trust Fund represent a legal obligation the government must honor when program revenues are no longer sufficient to fully fund benefit payments.
In response, Congress temporarily reallocated some payroll taxes dedicated to the Old-Age and Survivors Insurance (OASI) Trust Fund to the DI Trust Fund. Most recent analysis indicates that the DI Trust Fund is not projected to become depleted until 2057. [8] - sooner than the projected depletion year of 2065 found in the 2020 report. [9]
Anxiety over the future of Social Security largely centers on the impending insolvency of the Old Age and Survivors Insurance (OASI) Trust Fund, which is expected to run out of money within the ...