nobody stole or misused the trust fund. The fund receives income from several sources, including interest on treasury bonds held by the trust.
During 2025, an estimated 185 million people paid payroll taxes on earnings covered by Social Security.
Total OASDI program income was $1,449 billion, mostly from payroll taxes:
• $1,323 billion from payroll taxes
• $58 billion from income taxation of Social Security benefits
• $69 billion from interest earnings
Total OASDI program cost was $1,609 billion, mostly for benefit payments:
• $1,597 billion for benefit payments
• $7 billion for administrative expenses
• $6 billion for the financial interchange with the Railroad Retirement program
Total OASDI income for 2025 was $160 billion less than total cost.
Trust fund reserves covered this shortfall, allowing for payment of all scheduled benefits.
The reserves of the OASDI program (which are held in special issue US Treasuries) declined from $2,721 billion at the beginning of 2025 to $2,561 billion at the end of 2025.
In December 2025, Social Security paid benefits to 70 million people:
• 56 million retired workers and their dependents
• 8 million disabled workers and their dependents
• 6 million survivors of deceased workers
Actuarial Estimates
The Trustees make actuarial estimates for a 75-year period (2026 through 2100 for this year’s report) because it is a period long enough to cover the remaining lifetime for virtually all current Social Security participants.
Social Security’s total cost is projected to be higher than its total income in 2026 and all future years, as it has been since 2021. Total cost has exceeded non-interest income since 2010.
Trust Fund Reserves and Reserve Depletion
Under the intermediate (best estimate) assumptions, trust fund reserves for the OASDI program, along with projected program income, are sufficient to cover the projected costs of the program until the reserves become depleted in 2034.
• The OASI Trust Fund is projected to become depleted in the fourth quarter of 2032, one quarter earlier than projected in last year’s report.
Upon reserve depletion in 2032, projected income is sufficient to pay 78 percent of scheduled benefits. This percentage declines gradually to 62 percent by 2100.
DI Trust Fund reserves are projected to remain positive throughout the 75-year projection period, as was projected in last year’s report.
• The combined OASDI fund is projected to become depleted in the third quarter of 2034, the same quarter as in last year’s report. Upon reserve depletion in 2034, projected income is sufficient to pay 83 percent of scheduled benefits. This percentage declines gradually to 65 percent by 2100.
QUINNSCOMMENTARY 