2026 OASDI Trustees Report

 

B. TRUST FUND FINANCIAL OPERATIONS IN 2025

Table II.B1 shows the income, cost, and reserves for the OASI, the DI, and the combined OASI and DI Trust Funds in calendar year 2025.

Table II.B1.—Summary of 2025 Trust Fund Financial Operations

[In billions]

		OASI	DI	OASDI
Reserves at the end of 2024		$2,538.3	$183.2	$2,721.5
Total income in 2025 a		1,248.8	200.5	1,449.3
	Net payroll tax contributionsb	1,130.7	191.9	1,322.6
	Interest	61.7	7.2	68.9
	Taxation of benefits	56.4	1.4	57.8
Total cost in 2025		1,448.8	160.7	1,609.5
	Benefit payments	1,438.5	158.0	1,596.5
	Administrative expenses	4.3	2.6	7.0
	Railroad Retirement financial interchange	6.0	c	6.0
Net change in reserves in 2025		-200.0	39.8	-160.2
Reserves at the end of 2025		2,338.3	223.0	2,561.3

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a

Includes less than $50 million in reimbursements from the General Fund of the Treasury and less than $50 million in gifts. See section III.A for details.

b

Includes adjustments for prior calendar years.

c

Between -$50 million and $50 million.

Note: Components may not sum to totals because of rounding.

In 2025, net payroll tax contributions accounted for 91.3 percent of total trust fund income. Net payroll tax contributions consist of taxes paid by employees, employers, and the self-employed on earnings covered by Social Security. These taxes are paid on covered earnings up to a specified maximum annual amount, which was $176,100 in 2025. Table II.B2 shows the payroll tax rates for 2025.

Table II.B2.—Payroll Tax Contribution Rates for 2025

[In percent]

	OASI	DI	OASDI
Payroll tax contribution rate for employees and employers, each	5.3	0.9	6.2
Payroll tax contribution rate for self-employed persons	10.6	1.8	12.4

The Department of the Treasury invests all trust fund income in interest-bearing securities issued by the U.S. Government. The securities currently held by the trust funds are entirely special issue securities sold by the Treasury only to the trust funds. In 2025, the invested reserves of the combined trust funds earned interest at an effective annual rate of 2.6 percent. Interest income accounted for 4.8 percent of OASDI trust fund income in 2025.

Taxation of Social Security benefits accounted for 4.0 percent of OASDI income. This revenue comes from subjecting up to 50 percent of Social Security benefits to Federal personal income tax for beneficiaries with income that exceeds specified levels.¹

Retirement, survivor, and disability benefits accounted for 99.2 percent of OASDI cost in 2025. The expenses to administer the Social Security program were 0.4 percent of total cost. The net payment to the Railroad Retirement Social Security Equivalent Benefit Account from the combined OASI and DI Trust Funds accounted for 0.4 percent of total OASDI cost.

Trust fund reserves provide the basis for paying benefits. Combined trust fund reserves decreased by $160.2 billion during 2025 because income to the combined funds, including interest earned, was less than total cost. In last year’s report, combined reserves were projected to decrease by $181.4 billion in 2025. At the end of 2025, the OASDI reserves were $2,561.3 billion, or 151 percent of estimated cost ² for 2026. In comparison, the combined reserves at the end of 2024 were 169 percent of actual cost for 2025.

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1

See section V.C.7 for details.

2

Estimated cost is based on the intermediate set of assumptions.