Old-Age and Survivors Insurance Trust Fund, 1937-2013
[In millions]
Assets
Calendar
year
Total
receipts
Total
expenditures
Net increase
during year
Assets at
end of year
1937 $767 $1 $766 $766
1938 375 10 366 1,132
1939 607 14 592 1,724
1940 368 62 306 2,031
1941 845 114 731 2,762
1942 1,085 159 926 3,688
1943 1,328 195 1,132 4,820
1944 1,422 238 1,184 6,005
1945 1,420 304 1,116 7,121
1946 1,447 418 1,029 8,150
1947 1,722 512 1,210 9,360
1948 1,969 607 1,362 10,722
1949 1,816 721 1,094 11,816
1950 2,928 1,022 1,905 13,721
1951 3,784 1,966 1,818 15,540
1952 4,184 2,282 1,902 17,442
1953 4,359 3,094 1,265 18,707
1954 5,610 3,741 1,869 20,576
1955 6,167 5,079 1,087 21,663
1956 6,697 5,841 856 22,519
1957 7,381 7,507 -126 22,393
1958 8,117 8,646 -528 21,864
1959 8,584 10,308 -1,724 20,141
1960 11,382 11,198 184 20,324
1961 11,833 12,432 -599 19,725
1962 12,585 13,973 -1,388 18,337
1963 15,063 14,920 143 18,480
1964 16,258 15,613 645 19,125
1965 16,610 17,501 -890 18,235
1966 21,302 18,967 2,335 20,570
1967 24,034 20,382 3,652 24,222
1968 25,040 23,557 1,483 25,704
1969 29,554 25,176 4,378 30,082
1970 32,220 29,848 2,371 32,454
1971 35,877 34,542 1,335 33,789
1972 40,050 38,522 1,528 35,318
1973 48,344 47,175 1,169 36,487
1974 54,688 53,397 1,291 37,777
1975 59,605 60,395 -790 36,987
1976 66,276 67,876 -1,600 35,388
1977 72,412 75,309 -2,897 32,491
1978 78,094 83,064 -4,971 27,520
1979 90,274 93,133 -2,860 24,660
1980 105,841 107,678 -1,837 22,823
1981 125,361 126,695 -1,334 21,490
1982 125,198 142,119 598 22,088
1983 150,584 152,999 -2,416 19,672
1984 169,328 161,883 7,445 27,117
1985 184,239 171,150 8,725 35,842
1986 197,393 181,000 3,239 39,081
1987 210,736 187,668 23,068 62,149
1988 240,770 200,020 40,750 102,899
1989 264,653 212,489 52,164 155,063
1990 286,653 227,519 59,134 214,197
1991 299,286 245,634 53,652 267,849
1992 311,162 259,861 51,301 319,150
1993 323,277 273,104 50,173 369,322
1994 328,271 284,133 44,138 413,460
1995 342,801 297,760 45,041 458,502
1996 363,741 308,217 55,524 514,026
1997 397,169 322,073 75,096 589,121
1998 424,848 332,324 92,524 681,645
1999 457,040 339,874 117,167 798,812
2000 490,513 358,339 132,174 930,986
2001 518,100 377,546 140,554 1,071,540
2002 539,706 393,749 145,957 1,217,497
2003 543,811 405,978 137,833 1,355,330
2004 566,338 421,047 145,292 1,500,622
2005 604,335 441,920 162,415 1,663,037
2006 642,231 460,965 181,266 1,844,304
2007 675,035 495,723 179,312 2,023,616
2008 695,462 516,192 179,270 2,202,886
2009 698,208 564,295 133,912 2,336,798
2010 677,111 584,866 92,245 2,429,043
2011 698,781 603,750 95,031 2,524,075
2012 731,075 645,482 85,593 2,609,668
2013 743,793 679,475 64,317 2,673,985
Note: The annual net increase in the fund is the change in the assets from the end of one year to the end of the next. In 1982, the fund borrowed money from the Disability Insurance and Hospital Insurance Trust Funds, and repaid the borrowed amounts in 1985 and 1986. For each of these years, the net increase in the fund is equal to total receipts less total expenditures, plus amounts borrowed or less amounts repaid. Assets, except for relatively small cash amounts, are invested in Federal Government securities.



Old-Age and Survivors Insurance Trust Fund Receipts
[In millions]
Calendar
year
Total
receipts
Net
payroll tax
contributions
Income from
taxation
of benefits
General Fund Reimbursements a Net
interest b
1937 $767 $765 $2
1938 375 360 15
1939 607 580 27
1940 368 325 43
1941 845 789 56
1942 1,085 1,012 72
1943 1,328 1,239 88
1944 1,422 1,316 107
1945 1,420 1,285 134
1946 1,447 1,295 152
1947 1,722 1,557 $1 164
1948 1,969 1,685 3 281
1949 1,816 1,666 4 146
1950 2,928 2,667 4 257
1951 3,784 3,363 4 417
1952 4,184 3,819 365
1953 4,359 3,945 414
1954 5,610 5,163 447
1955 6,167 5,713 454
1956 6,697 6,172 526
1957 7,381 6,825 556
1958 8,117 7,566 552
1959 8,584 8,052 532
1960 11,382 10,866 516
1961 11,833 11,285 548
1962 12,585 12,059 526
1963 15,063 14,541 521
1964 16,258 15,689 569
1965 16,610 16,017 593
1966 21,302 20,580 78 644
1967 24,034 23,138 78 818
1968 25,040 23,719 382 939
1969 29,554 27,947 442 1,165
1970 32,220 30,256 449 1,515
1971 35,877 33,723 488 1,667
1972 40,050 37,781 475 1,794
1973 48,344 45,975 442 1,928
1974 54,688 52,081 447 2,159
1975 59,605 56,816 425 2,364
1976 66,276 63,362 614 2,301
1977 72,412 69,572 613 2,227
1978 78,094 75,471 615 2,008
1979 90,274 87,919 557 1,797
1980 105,841 103,456 540 1,845
1981 125,361 122,627 675 2,060
1982 125,198 123,673 680 845
1983 150,584 138,337 5,541 6,706
1984 169,328 159,515 2,835 4,712 2,266
1985 184,239 175,128 3,208 4,032 1,871
1986 197,393 189,136 3,424 1,764 3,069
1987 210,736 201,092 3,257 1,697 4,690
1988 240,770 227,683 3,384 2,134 7,568
1989 264,653 248,128 2,439 2,101 11,985
1990 286,653 266,110 4,848 -668 16,363
1991 299,286 272,477 5,864 115 20,829
1992 311,162 281,132 5,852 -126 24,303
1993 323,277 290,865 5,335 50 27,027
1994 328,271 293,316 4,995 13 29,946
1995 342,801 304,659 5,490 -168 32,820
1996 363,741 321,555 6,471 9 35,706
1997 397,169 349,945 7,426 3 39,795
1998 424,848 371,206 9,149 2 44,491
1999 457,040 396,352 10,899 1 49,789
2000 490,513 421,390 11,594 1 57,529
2001 518,100 441,458 11,903 1 64,737
2002 539,706 455,198 12,909 415 71,184
2003 543,811 456,077 12,497 (c) 75,237
2004 566,338 472,758 14,593 1 78,986
2005 604,335 506,862 13,843 -350 83,979
2006 642,231 534,786 15,628 (c) 91,817
2007 675,035 560,877 17,192 (c) 96,966
2008 695,462 574,555 15,566 (c) 105,340
2009 698,208 570,392 19,930 (c) 107,886
2010 677,111 544,773 22,090 2,042 108,206
2011 698,781 482,350 22,211 87,753 106,468
2012 731,075 503,893 26,675 97,735 102,773
2013 743,793 620,814 20,694 4,169 98,114
aIncludes reimbursements from the General Fund of the Treasury to the OASI Trust Fund for: (1) the cost of noncontributory wage credits for military service before 1957; (2) the cost in 1971-82 of deemed wage credits for military service performed after 1956; (3) the cost of benefits to certain uninsured persons who attained age 72 before 1968; (4) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (5) the cost in 2009-13 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (6) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.
b Includes relatively small amounts of gifts to the fund.
c Less than $500,000.



Old-Age and Survivors Insurance Trust Fund Expenditures
[In millions]
Calendar
year
Total
expenditures
Benefit
payments a
Administrative
expenses
Transfers to Railroad Retirement program
1937 $1 $1
1938 10 10
1939 14 14
1940 62 35 $26
1941 114 88 26
1942 159 131 28
1943 195 166 29
1944 238 209 29
1945 304 274 30
1946 418 378 40
1947 512 466 46
1948 607 556 51
1949 721 667 54
1950 1,022 961 61
1951 1,966 1,885 81
1952 2,282 2,194 88
1953 3,094 3,006 88
1954 3,741 3,670 92 -$21
1955 5,079 4,968 119 -7
1956 5,841 5,715 132 -5
1957 7,507 7,347 162 -2
1958 8,646 8,327 194 124
1959 10,308 9,842 184 282
1960 11,198 10,677 203 318
1961 12,432 11,862 239 332
1962 13,973 13,356 256 361
1963 14,920 14,217 281 423
1964 15,613 14,914 296 403
1965 17,501 16,737 328 436
1966 18,967 18,267 256 444
1967 20,382 19,468 406 508
1968 23,557 22,643 476 438
1969 25,176 24,210 474 491
1970 29,848 28,798 471 579
1971 34,542 33,414 514 613
1972 38,522 37,124 674 724
1973 47,175 45,745 647 783
1974 53,397 51,623 865 909
1975 60,395 58,517 896 982
1976 67,876 65,705 959 1,212
1977 75,309 73,121 981 1,208
1978 83,064 80,361 1,115 1,589
1979 93,133 90,573 1,113 1,448
1980 107,678 105,083 1,154 1,442
1981 126,695 123,803 1,307 1,585
1982 142,119 138,806 1,519 1,793
1983 152,999 149,221 1,528 2,251
1984 161,883 157,841 1,638 2,404
1985 171,150 167,248 1,592 2,310
1986 181,000 176,813 1,601 2,585
1987 187,668 183,587 1,524 2,557
1988 200,020 195,454 1,776 2,790
1989 212,489 207,971 1,673 2,845
1990 227,519 222,987 1,563 2,969
1991 245,634 240,467 1,792 3,375
1992 259,861 254,883 1,830 3,148
1993 273,104 267,755 1,996 3,353
1994 284,133 279,068 1,645 3,420
1995 297,760 291,630 2,077 4,052
1996 308,217 302,861 1,802 3,554
1997 322,073 316,257 2,128 3,688
1998 332,324 326,762 1,899 3,662
1999 339,874 334,383 1,809 3,681
2000 358,339 352,652 2,149 3,538
2001 377,546 372,312 1,961 3,273
2002 393,749 388,119 2,137 3,493
2003 405,978 399,845 2,553 3,580
2004 421,047 415,034 2,384 3,628
2005 441,920 435,383 2,957 3,579
2006 460,965 454,496 3,010 3,458
2007 495,723 489,074 3,075 3,575
2008 516,192 509,337 3,223 3,632
2009 564,295 557,166 3,439 3,690
2010 584,866 577,393 3,543 3,930
2011 603,750 596,155 3,486 4,110
2012 645,482 637,894 3,448 4,139
2013 679,475 672,129 3,397 3,948
a Beginning in 1966, includes payments for vocational rehabilitation services furnished to disabled persons receiving benefits because of their disabilities. Beginning in 1983, amounts are reduced by amount of reimbursement for unnegotiated benefit checks.