2026 OASDI Trustees Report

C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2035

Tables VI.C1, VI.C2, and VI.C3 contain details of the fiscal year 2025 operations of the OASI, DI, and the combined OASI and DI Trust Funds, respectively. The fiscal year for the U.S. Government is the 12-month period ending September 30. Fiscal year 2025 is the most recent fiscal year for which complete information is available. The descriptions of the values in these tables are similar to the corresponding descriptions and values in the calendar year operations tables in section III.A. Please see that section for a description of the various items of income and cost.

Tables VI.C4, VI.C5, and VI.C6 show estimates of the operations and status of the OASI, DI, and combined OASI and DI Trust Funds, respectively, during fiscal years 2021 through 2035.

Table VI.C1.—Operations of the OASI Trust Fund, Fiscal Year 2025

[In millions]

Total reserves, September 30, 2024					$2,582,315
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$1,122,989
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refund		-4,748
			Net payroll tax contributionsa		1,118,241
	Reimbursements from the General Fund:
		Transfer directed by P.L. 116-136		244
		Reimbursements for reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		b
		Reimbursements for payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		244
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		331
		All other, not subject to withholdinga		57,914
			Total income from taxation of benefitsa		58,245
	Investment income and interest adjustments:
		Interest on investments		63,707
		Interest adjustments c		3
			Total investment income and interest adjustments		63,710
	Gifts				b
Total income					1,240,441
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		1,411,231
		Reimbursement from the General Fund for unnegotiated checks		-82
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		10
			Net benefit paymentsd		1,411,160
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				5,996
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	3,731
			Department of the Treasury	725
		Net income from miscellaneous receipts and other adjustments		b
		Miscellaneous reimbursements from the General Fund e		-5
			Net administrative expenses		4,452
Total cost					1,421,608
Net change in reserves					-181,167
	Total invested reserves			2,400,808
	Undisbursed balancesf			341
Total reserves, September 30, 2025					2,401,149

---

a

Includes adjustments for prior years.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the General Fund account for the Supplemental Security Income program, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI program.

f

A positive balance represents a situation where the invested securities of the OASI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

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

Table VI.C2.—Operations of the DI Trust Fund, Fiscal Year 2025 

[In millions]

Total reserves, September 30, 2024					$177,858
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$190,703
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refund		-806
			Net payroll tax contributionsa		189,897
	Reimbursements from the General Fund:
		Reimbursements for reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		b
		Reimbursements for payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		b
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholdinga		1,499
			Total income from taxation of benefitsa		1,503
	Investment income and interest adjustments:
		Interest on investments		6,318
		Interest adjustmentsc		5
			Total investment income and interest adjustments		6,322
	Gifts				b
Total income					197,722
Cost:
	Benefit payments:
		Monthly benefitsd		157,365
		Reimbursement from the General Fund for unnegotiated checks		-40
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		54
			Net benefit paymentsd		157,379
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				-1
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,648
			Department of the Treasury	120
		Demonstration projects		b
		Miscellaneous reimbursements from the General Fund e		-3
			Net administrative expenses		2,766
Total cost					160,143
Net change in reserves					37,579
	Total invested reserves			215,352
	Undisbursed balancesf			86
Total reserves, September 30, 2025					215,438

---

a

Includes adjustments for prior years.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the General Fund account for the Supplemental Security Income program, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the DI program.

f

A positive balance represents a situation where the invested securities of the DI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

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

Table VI.C3.—Operations of the Combined OASI and DI Trust Funds, Fiscal Year 2025 

[In millions]

Total reserves, September 30, 2024					$2,760,174
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$1,313,692
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refund		-5,554
			Net payroll tax contributionsa		1,308,138
	Reimbursements from the General Fund:
		Transfer directed by P.L. 116-136		244
		Reimbursements for reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		b
		Reimbursements for payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		244
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		335
		All other, not subject to withholdinga		59,413
			Total income from taxation of benefitsa		59,748
	Investment income and interest adjustments:
		Interest on investments		70,025
		Interest adjustmentsc		7
			Total investment income and interest adjustments		70,033
	Gifts				b
Total income					1,438,163
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		1,568,596
		Reimbursement from the General Fund for unnegotiated checks		-122
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		65
			Net benefit paymentsd		1,568,539
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				5,995
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	6,380
			Department of the Treasury	846
		Net income from miscellaneous receipts and other adjustments		b
		Demonstration projects		b
		Miscellaneous reimbursements from the General Funde		-8
			Net administrative expenses		7,217
Total cost					1,581,751
Net change in reserves					-143,587
	Total invested reserves			2,616,160
	Undisbursed balancesf			427
Total reserves, September 30, 2025					2,616,586

---

a

Includes adjustments for prior years.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust funds and the General Fund account for the Supplemental Security Income program, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust funds.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI and DI programs.

f

A positive balance represents a situation where the invested securities of the combined OASI and DI Trust Funds that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

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

Table VI.C4.—Operations of the OASI Trust Fund, Fiscal Years 2021-2035^a

[Dollar amounts in billions]

Fiscal year		Income						Cost					Reserves		Trust fund ratio at start of year b
		Total	Net pay- roll tax contri- butionsc	GF reimburse-mentsd	Taxa- tion of benefitsc	Net interest		Total	Scheduled benefits	Admin- istra- tive costs	RRB inter- change		Net change during year	Amount at end of year
Historical data:
	2021	$936.0	$831.1	e	$34.3	$70.5		$991.4	$982.7	$3.9	$4.8		-$55.4	$2,755.8	284
	2022	1,041.1	929.0	e	47.0	65.1		1,073.3	1,063.9	4.0	5.3		-32.2	2,723.6	257
	2023	1,152.2	1,039.0	$0.2	49.8	63.3		1,202.1	1,192.1	4.3	5.6		-49.8	2,673.8	227
	2024	1,213.0	1,096.9	e	53.1	62.9		1,304.4	1,293.8	4.8	5.9		-91.5	2,582.3	205
	2025	1,240.4	1,118.2	.2	58.2	63.7		1,421.6	1,411.2	4.5	6.0		-181.2	2,401.1	182
Intermediate:
	2026	1,276.8	1,161.1	e	56.1	59.5		1,504.6	1,494.3	4.4	5.9		-227.9	2,173.3	160
	2027	1,313.8	1,190.1	.2	67.6	56.0		1,596.9	1,586.3	4.4	6.1		-283.1	1,890.2	136
	2028	1,388.3	1,265.8	e	73.2	49.3		1,688.2	1,677.6	4.4	6.2		-299.9	1,590.3	112
	2029	1,446.4	1,323.9	e	81.4	41.2		1,780.1	1,769.1	4.7	6.4		-333.7	1,256.6	89
	2030	1,508.9	1,388.1	e	88.6	32.2		1,873.0	1,861.7	4.9	6.4		-364.1	892.4	67
	2031	1,570.2	1,452.7	e	94.8	22.7		1,966.7	1,955.1	5.1	6.5		-396.5	495.9	45
	2032	1,629.1	1,516.1	e	101.6	11.4		2,060.8	2,048.9	5.3	6.6		-431.7	64.2	24
	2033	f	1,600.9	e	109.2	f		2,155.1	2,142.9	5.5	6.6		f	f	3
	2034	f	1,660.7	e	116.3	f		2,249.8	2,237.4	5.7	6.7		f	f	f
	2035	f	1,729.6	e	123.8	f		2,345.4	2,332.7	5.9	6.8		f	f	f
Low-cost:
	2026	1,286.3	1,170.3	e	56.1	59.9		1,504.3	1,494.0	4.4	5.9		-218.0	2,183.2	160
	2027	1,370.1	1,244.5	.2	67.7	57.8		1,598.1	1,587.5	4.4	6.1		-228.0	1,955.2	137
	2028	1,465.0	1,336.6	e	73.6	54.8		1,696.2	1,685.7	4.4	6.2		-231.3	1,724.0	115
	2029	1,553.7	1,421.1	e	82.2	50.4		1,797.1	1,786.1	4.7	6.3		-243.4	1,480.6	96
	2030	1,646.7	1,511.1	e	89.8	45.8		1,899.6	1,888.2	5.1	6.4		-252.9	1,227.7	78
	2031	1,741.9	1,604.5	e	96.6	40.8		2,003.6	1,991.8	5.4	6.4		-261.7	966.0	61
	2032	1,840.7	1,701.8	e	103.9	35.0		2,109.2	2,097.0	5.7	6.6		-268.5	697.5	46
	2033	1,967.3	1,826.9	e	112.3	28.0		2,216.1	2,203.5	6.0	6.6		-248.9	448.6	31
	2034	2,069.6	1,929.2	e	120.2	20.2		2,324.8	2,311.8	6.3	6.7		-255.2	193.4	19
	2035	f	2,045.0	e	128.6	f		2,435.9	2,422.6	6.5	6.8		f	f	8
High-cost:
	2026	1,265.3	1,150.4	e	56.1	58.8		1,505.0	1,494.7	4.4	5.9		-239.7	2,161.5	160
	2027	1,237.2	1,115.2	.2	67.5	54.4		1,593.6	1,583.0	4.4	6.2		-356.4	1,805.0	136
	2028	1,288.4	1,171.0	e	72.8	44.7		1,677.5	1,666.7	4.4	6.3		-389.0	1,416.0	108
	2029	1,318.6	1,203.6	e	80.5	34.5		1,760.6	1,749.6	4.6	6.5		-442.0	973.9	80
	2030	1,357.2	1,246.3	e	87.2	23.7		1,844.1	1,832.9	4.7	6.5		-486.9	487.0	53
	2031	f	1,291.6	e	93.0	f		1,927.8	1,916.4	4.9	6.5		f	f	25
	2032	f	1,335.3	e	99.1	f		2,011.1	1,999.5	5.0	6.6		f	f	f
	2033	f	1,391.9	e	106.1	f		2,093.4	2,081.7	5.1	6.6		f	f	f
	2034	f	1,425.3	e	112.5	f		2,174.9	2,163.0	5.2	6.6		f	f	f
	2035	f	1,464.1	e	119.1	f		2,255.9	2,243.9	5.3	6.7		f	f	f

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a

Appendix A presents a detailed description of the components of income and cost, along with complete historical values.

b

Represents reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year. Under the intermediate, low-cost, and high-cost assumptions, reserves are projected to become depleted by the beginning of fiscal years 2034, 2036, and 2032, respectively.

c

Includes adjustments for prior fiscal years.

d

Includes net reimbursements from the General Fund of the Treasury to the OASI Trust Fund for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; and (2) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96. Also includes transfers of a portion of proceeds from repayments of loans authorized under Public Law 116-136.

e

Between -$50 million and $50 million.

f

The OASI Trust Fund reserves become depleted in the first quarter of fiscal year 2033, the fourth quarter of fiscal year 2035, and the fourth quarter of fiscal year 2031 under the intermediate, low-cost, and high-cost assumptions, respectively. When trust fund reserves are depleted, certain trust fund operations items are not well-defined under current law, and are not shown in this table. In addition, (1) scheduled benefits could not be paid in full on a timely basis, and actual amounts paid would be less than the scheduled benefits shown in this table; and (2) income from taxation of benefits would be lower than the amounts shown in the table, which are the amounts that would be assessed on scheduled benefits under current law.

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

Table VI.C5.—Operations of the DI Trust Fund, Fiscal Years 2021-2035^a

[Dollar amounts in billions]

Fiscal year		Income						Cost					Reserves			Trust fund ratio at start of year b
		Total	Net pay- roll tax contri- butionsc	GF reimburse-mentsd	Taxa- tion of benefitsc	Net interest		Total	Scheduled benefits	Admin- istra- tive costs	RRB inter- change		Net change during year	Amount at end of year
Historical data:
	2021	$144.4	$141.2	e	$0.5	$2.7		$143.4	$140.7	$2.5	$0.1		$1.0	$98.1		68
	2022	162.0	157.8	e	1.5	2.7		145.4	142.5	2.8	.2		16.6	114.7		67
	2023	180.7	176.5	e	1.0	3.2		152.5	149.6	2.8	.1		28.2	142.9		75
	2024	191.4	186.3	e	.6	4.5		156.5	153.9	2.5	.1		34.9	177.9		91
	2025	197.7	189.9	e	1.5	6.3		160.1	157.4	2.8	e		37.6	215.4		111
Intermediate:
	2026	206.5	197.0	e	1.3	8.2		166.7	163.7	3.0	-.1		39.9	255.3		129
	2027	213.7	202.1	e	1.7	9.9		176.1	173.1	3.1	-.1		37.6	292.9		145
	2028	228.3	214.9	e	1.8	11.6		182.3	179.4	3.0	-.1		46.0	338.9		161
	2029	240.4	224.8	e	1.9	13.7		186.0	182.9	3.1	e		54.4	393.3		182
	2030	253.8	235.7	e	2.0	16.1		189.6	186.4	3.2	e		64.2	457.5		207
	2031	267.7	246.7	e	2.0	18.9		193.0	189.7	3.3	e		74.7	532.2		237
	2032	281.8	257.5	e	2.1	22.2		199.4	196.0	3.4	e		82.4	614.6		267
	2033	300.0	271.9	e	2.3	25.8		208.0	204.4	3.6	e		92.0	706.6		296
	2034	314.2	282.0	e	2.4	29.7		217.5	213.9	3.7	e		96.7	803.3		325
	2035	330.3	293.7	e	2.6	34.0		228.1	224.3	3.8	e		102.2	905.5		352
Low-cost:
	2026	208.2	198.6	e	1.3	8.3		164.6	161.6	3.0	-.1		43.6	259.0		131
	2027	223.6	211.3	e	1.6	10.7		171.0	168.1	3.1	-.1		52.6	311.6		151
	2028	242.5	227.0	e	1.7	13.9		174.9	171.9	3.0	-.1		67.7	379.3		178
	2029	261.0	241.3	e	1.8	17.9		176.6	173.5	3.1	-.1		84.4	463.7		215
	2030	281.3	256.6	e	1.9	22.8		178.3	175.1	3.3	-.1		103.0	566.7		260
	2031	303.1	272.5	e	1.9	28.7		179.9	176.5	3.4	e		123.2	689.9		315
	2032	326.7	289.0	e	2.0	35.8		184.2	180.6	3.6	e		142.5	832.5		375
	2033	356.2	310.2	e	2.1	43.8		190.6	186.9	3.7	e		165.6	998.0		437
	2034	382.9	327.6	e	2.2	53.0		198.1	194.3	3.9	e		184.7	1,182.7		504
	2035	413.0	347.3	e	2.4	63.4		206.8	202.8	4.0	e		206.3	1,389.0		572
High-cost:
	2026	204.6	195.2	e	1.3	8.1		168.8	165.9	3.0	-.1		35.8	251.2		128
	2027	200.4	189.4	e	1.7	9.3		181.1	178.1	3.1	-.1		19.3	270.6		139
	2028	210.5	198.8	e	1.8	9.8		189.6	186.6	3.0	e		20.9	291.5		143
	2029	216.7	204.4	e	2.0	10.4		194.9	191.8	3.1	e		21.8	313.3		150
	2030	224.7	211.6	e	2.1	10.9		199.7	196.5	3.2	e		24.9	338.3		157
	2031	233.1	219.3	e	2.1	11.6		204.2	200.9	3.3	e		28.9	367.2		166
	2032	241.4	226.8	e	2.3	12.4		211.8	208.4	3.4	e		29.6	396.8		173
	2033	252.0	236.4	e	2.4	13.2		221.5	218.0	3.5	e		30.5	427.3		179
	2034	258.7	242.0	e	2.6	14.0		232.1	228.4	3.6	.1		26.6	453.9		184
	2035	266.2	248.6	e	2.8	14.8		243.6	239.9	3.7	.1		22.6	476.5		186

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a

Appendix A presents a detailed description of the components of income and cost, along with complete historical values.

b

Represents reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

c

Includes adjustments for prior fiscal years.

d

Includes net reimbursements from the General Fund of the Treasury to the DI Trust Fund for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; and (2) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112‑78, and 112-96.

e

Between -$50 million and $50 million.

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

Table VI.C6.—Operations of the Combined OASI and DI Trust Funds, Fiscal Years 2021-2035^a 

[Dollar amounts in billions]

Fiscal year		Income						Cost					Reserves		Trust fund ratio at start of year b
		Total	Net payroll tax contri- butionsc	GF reimburse-mentsd	Taxa- tion of bene‑ fitsc	Net interest		Total	Sched-uled benefits	Admin- istra- tive costs	RRB inter- change		Net change during year	Amount at end of year
Historical data:
	2021	$1,080.4	$972.3	e	$34.8	$73.3		$1,134.8	$1,123.4	$6.4	$4.9		-$54.4	$2,853.9	256
	2022	1,203.1	1,086.9	e	48.5	67.7		1,218.6	1,206.4	6.8	5.5		-15.5	2,838.3	234
	2023	1,332.9	1,215.5	$0.2	50.8	66.5		1,354.6	1,341.8	7.1	5.6		-21.6	2,816.7	210
	2024	1,404.4	1,283.2	e	53.7	67.4		1,460.9	1,447.7	7.3	5.9		-56.5	2,760.2	193
	2025	1,438.2	1,308.1	.2	59.7	70.0		1,581.8	1,568.5	7.2	6.0		-143.6	2,616.6	175
Intermediate:
	2026	1,483.3	1,358.1	e	57.4	67.8		1,671.3	1,658.0	7.4	5.8		-188.0	2,428.6	157
	2027	1,527.5	1,392.2	.2	69.3	65.9		1,773.0	1,759.4	7.5	6.1		-245.5	2,183.1	137
	2028	1,616.7	1,480.7	e	75.0	60.9		1,870.6	1,857.0	7.4	6.2		-253.9	1,929.2	117
	2029	1,686.8	1,548.7	e	83.3	54.8		1,966.1	1,952.1	7.7	6.3		-279.3	1,649.9	98
	2030	1,762.7	1,623.8	e	90.5	48.3		2,062.6	2,048.1	8.1	6.4		-299.9	1,350.0	80
	2031	1,837.8	1,699.3	e	96.9	41.6		2,159.6	2,144.7	8.4	6.4		-321.8	1,028.2	63
	2032	1,910.9	1,773.6	e	103.7	33.6		2,260.2	2,244.9	8.8	6.5		-349.3	678.8	45
	2033	2,006.5	1,872.8	e	111.5	22.2		2,363.1	2,347.4	9.1	6.6		-356.6	322.3	29
	2034	f	1,942.7	e	118.8	f		2,467.3	2,451.2	9.4	6.7		f	f	13
	2035	f	2,023.4	e	126.4	f		2,573.5	2,557.0	9.6	6.8		f	f	f
Low-cost:
	2026	1,494.5	1,368.9	e	57.4	68.2		1,668.9	1,655.6	7.4	5.8		-174.4	2,442.2	157
	2027	1,593.7	1,455.8	.2	69.3	68.5		1,769.1	1,755.6	7.5	6.0		-175.4	2,266.8	138
	2028	1,707.5	1,563.6	e	75.3	68.7		1,871.1	1,857.6	7.4	6.1		-163.6	2,103.3	121
	2029	1,814.8	1,662.5	e	84.0	68.3		1,973.7	1,959.6	7.9	6.2		-159.0	1,944.3	107
	2030	1,928.0	1,767.7	e	91.7	68.6		2,077.9	2,063.3	8.3	6.3		-149.9	1,794.3	94
	2031	2,045.0	1,877.0	e	98.5	69.5		2,183.5	2,168.3	8.8	6.4		-138.4	1,655.9	82
	2032	2,167.4	1,990.7	e	105.9	70.8		2,293.4	2,277.6	9.2	6.5		-126.0	1,529.9	72
	2033	2,323.4	2,137.2	e	114.4	71.8		2,406.7	2,390.5	9.7	6.6		-83.3	1,446.6	64
	2034	2,452.4	2,256.8	e	122.4	73.2		2,522.9	2,506.1	10.1	6.7		-70.5	1,376.1	57
	2035	2,591.0	2,392.2	e	131.0	67.8		2,642.7	2,625.3	10.6	6.8		-51.7	1,324.4	52
High-cost:
	2026	1,470.0	1,345.6	e	57.4	67.0		1,673.9	1,660.6	7.4	5.8		-203.9	2,412.7	156
	2027	1,437.6	1,304.6	.2	69.2	63.7		1,774.8	1,761.1	7.5	6.1		-337.1	2,075.6	136
	2028	1,499.0	1,369.8	e	74.6	54.5		1,867.1	1,853.4	7.4	6.3		-368.1	1,707.5	111
	2029	1,535.3	1,407.9	e	82.5	44.9		1,955.5	1,941.4	7.6	6.5		-420.2	1,287.3	87
	2030	1,581.9	1,457.9	e	89.3	34.6		2,043.8	2,029.4	7.9	6.5		-462.0	825.3	63
	2031	1,627.2	1,511.0	e	95.1	21.1		2,132.0	2,117.3	8.2	6.5		-504.8	320.5	39
	2032	f	1,562.1	e	101.4	f		2,222.9	2,207.9	8.4	6.6		f	f	14
	2033	f	1,628.3	e	108.6	f		2,314.9	2,299.7	8.6	6.6		f	f	f
	2034	f	1,667.3	e	115.1	f		2,406.9	2,391.4	8.8	6.7		f	f	f
	2035	f	1,712.7	e	121.9	f		2,499.5	2,483.8	9.0	6.8		f	f	f

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a

Appendix A presents a detailed description of the components of income and cost, along with complete historical values.

b

Represents reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year. Under the intermediate and high-cost assumptions, combined reserves are projected to become depleted by the beginning of fiscal years 2035 and 2033, respectively.

c

Includes adjustments for prior fiscal years.

d

Includes net reimbursements from the General Fund of the Treasury to the OASI and DI Trust Funds for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; and (2) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96. Also includes transfers of a portion of proceeds from repayments of loans authorized under Public Law 116-136.

e

Between -$50 million and $50 million.

f

The reserves of the combined OASI and DI Trust Funds become depleted in the fourth quarter of fiscal year 2034 and the third quarter of fiscal year 2032 under the intermediate and high-cost assumptions, respectively. When trust fund reserves are depleted, certain trust fund operations items are not well-defined under current law, and are not shown in this table. In addition, (1) scheduled benefits could not be paid in full values under current law would reflect permissible expenditures only, which would be less than the full cost of paying scheduled benefits shown in this table; and (2) income from taxation of benefits would be lower than the amounts shown in the table, which are the amounts that would be assessed on scheduled benefits under current law.

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