2021 Trustees Report
On August 31, the Social Security Board of Trustees released its annual report on the long-term financial status of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds.
The Trustees project the combined trust funds will become depleted in 2034, with 78% of benefits payable at that time. The Trustees estimate the DI Trust Fund will become depleted in 2057, with 91% of benefits still payable.
In the 2021 Report to Congress, the Trustees also announced:
- The asset reserves of the combined OASI and DI Trust Funds increased by $11 billion in 2020, to a total of $2.908 trillion.
- The projected actuarial deficit over the 75-year long-range period is 3.54% of taxable payroll — higher than the 3.21% projected in last year’s report.
The full 2021 Trustees Report is available at www.ssa.gov/OACT/TR/2021/.
Pandemic Relief and Supplemental Security Income
We recently changed our rules about what types of financial assistance can affect an individual’s Supplemental Security Income (SSI) eligibility or their monthly SSI payment amount. Usually, we consider any help an individual receives in cash to meet their need for food or shelter as countable income. Generally, the more countable income someone has, the less their SSI payments will be. If their countable income is over the allowable limit, they are ineligible to receive SSI payments.
However, due to the COVID-19 pandemic, we no longer count most types of pandemic-related financial assistance against eligibility or payment amount. This includes Economic Impact Payments (EIP), State Stimulus Payments, and Unemployment Assistance. A full list of COVID-19 pandemic-related financial assistance that does not count against SSI eligibility or monthly payment amount is available at www.ssa.gov/coronavirus.
If we denied your client’s SSI application– or we reduced their payment amount because they were receiving assistance – let them know we’re reviewing SSI claims and records going back to the beginning of the COVID-19 pandemic. We expect our review will take several months to complete. In most cases, if an individual’s payment amount was affected – and we don’t need any additional information – we’ll automatically restore their SSI payments.
If we need to take a new SSI application or need any additional information, we will mail a letter to your client explaining what we need. Your clients don’t need to call our offices unless they have moved and need to update their address. They can find the phone number to their local office by accessing our office locator.
Please share this information with your clients.
Save the Date! Upcoming National Disability Forum on September 15, 2021
We will host the next virtual National Disability Forum (NDF) on Wednesday, September 15. The forum is titled “Equity in SSA Programs: Hidden Barriers.” There will be a morning session from 10:00 a.m. – 12:00 p.m. ET and an afternoon session from 1:00 p.m. – 3:00 p.m. ET.
For more information on the upcoming NDF on Wednesday, September 15, encourage your clients to visit our What’s New page at www.ssa.gov/thirdparty/groups/whatsnew.html . You and your clients can email questions to OEA.Net.Post@ssa.gov.
Celebrating a Milestone for my Social Security
We’re excited to celebrate a significant milestone for my Social Security: 60 million registrations! We thank those who created personal my Social Security accounts – and encourage others to do the same. We’re constantly improving our online resources to make doing business with us easier and faster.
With a personal my Social Security account, those receiving benefits can:
- Change their address and direct deposit information.
- Get proof of their benefits.
- Request replacement documents, like a Medicare card.
If your clients aren’t currently getting benefits, they can use a my Social Security account to:
- Check their earnings record.
- Get estimates of their future benefits.
- View their Social Security Statement.
In many states, your clients can request a replacement Social Security card online. Encourage your clients to see what they can do with a personal my Social Security account. They can open one today at www.ssa.gov/myaccount.
10 Ways to Protect Your Personal Information
Scammers don’t go on vacation—so it’s necessary for your clients to stay vigilant all year round. Identity theft affects millions of people each year causing serious financial and identity-related issues.
Help your clients protect themselves by securing their personal information, understanding the threat of identity theft, and exercising caution. We have a list of 10 things your clients can start doing now to protect themselves.
Please be sure to share our list your clients today.
Apply for Your Social Security Card and Green Card at the Same Time
We have great news for non U.S. citizens! Now they can apply for a Social Security number or replacement Social Security card at the same time they file for their lawful permanent resident status or a green card. This new service eliminates the need to visit one of our offices, while saving your clients time and effort.
We recently partnered with the Department of Homeland Security U.S. Citizenship and Immigration Services (USCIS) to expand our Enumeration Beyond Entry (EBE) program. Here’s how it works:
- When your clients complete their Application to Register Permanent Residence or Adjust Status (Form I-485), USCIS will send us information from their approved application to request an original or replacement Social Security card. Your clients can find form I-485 at www.uscis.gov/i-485.
- Once we receive and approve their Social Security card request, we will mail their Social Security card or replacement card to the address the client listed on their I-485 application.
- Their Social Security card will arrive within seven business days after they receive their Permanent Resident Card from USCIS.
Please share this information with your clients.
New Online Payment Option for Social Security Overpayments
We are expanding our online services to provide secure and convenient online features to meet your clients’ needs. Your clients who have an overpayment may be eligible to make a full or partial electronic payment using Pay.gov or using their bank or financial institution’s online bill pay option.
Pay.gov is a secure online service provided by the Department of the Treasury. Our billing notices now include Pay.gov information. For the moment, this service is available only to individuals who are not currently receiving Social Security benefits or Supplemental Security Income payments, but need to pay back an overpayment.
Your clients can also choose to use their bank’s online bill pay. Under this option, your clients can repay an overpayment debt and have it electronically applied to their balance the next day.
Please be sure tell your clients about our new and secure online bill pay options.