2021 OASDI Trustees Report

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INDEX
A
Actuarial balance 11, 16, 52, 166, 180
Actuarial deficit 4, 16, 23, 70, 212
Actuarial estimates, LR 52
Actuarial estimates, SR 40
Adjusted program amounts 116
Administrative expenses 7, 35, 53, 153, 157, 174, 213, 221
Advance tax transfers 40, 65, 159
Amendments 37
Annual balance 21, 52, 75
Asset reserves 2, 7, 10, 29, 174, 187, 207
Assumptions 82, 100, 116, 166, 180, 208, 213, 218, 231
Automatic cost-of-living benefit increase 45, 101, 116
Auxiliary benefits 126
Average benefits 150
Average earnings assumptions 103
Average indexed monthly earnings (AIME) 119
Average wage index 116, 218
Award 128
B
Baby-boom generation 3, 23, 53, 62, 109, 135
Bend points 119
Beneficiaries, DI 134
Beneficiary 13, 45, 62, 82, 117, 169, 181, 213, 221, 231
Beneficiary, OASI 128
Benefit payments 7, 53, 151, 157, 174
Benefit termination 9
Best estimate 9, 39, 82
Board of Trustees 39, 100, 155
C
Constant dollars 223
Consumer Price Index 101, 186, 218, 236
Contribution and benefit base 44, 103, 117, 236
Contributions 7, 155, 174, 207, 213, 221, 235
Cost 2, 7, 29, 48
Cost rate 4, 53, 207
Cost-of-living adjustment 116
Covered earnings 7, 116, 217
Covered employment 9, 44, 103, 124, 155, 185
Covered worker 64, 183
Creditable earnings 238
Current dollars 218
Current-payment status 47, 139, 140, 141, 236
D
Deemed wage credit 53
Delayed retirement credit 123
Demographic assumptions 9, 21, 39, 83, 109, 116, 166, 219, 235
Deterministic model 193, 202
DI beneficiaries 134
Disability 155, 183, 231
Disability conversion ratio 139
Disability incidence rate 82, 134, 137, 183, 190, 235
Disability Insurance Trust Fund 237
Disability prevalence rate 141, 143
Disability termination rate 191
Disabled-worker benefit 137, 239
Disbursements 39
E
Earnings 2, 7, 53, 103, 117, 155, 167, 207, 217, 218, 235
Earnings test 103, 117, 236
Economic assumptions 9, 21, 39, 50, 100, 109, 116, 166, 219, 235
Excess wages 53, 218
Expenditures 39, 240
F
Federal Insurance Contributions Act 207, 245
Fertility assumptions 83
Financial interchange 7, 154, 157
Fiscal year 159, 173
Full advance funding 240
G
General Fund of the Treasury 43, 45, 47, 49, 159, 161, 163, 177, 178, 179, 235
General fund reimbursement 241
Gross domestic product 4, 11, 59, 82, 101, 111, 213
Gross domestic product projections 111
H
High-cost assumptions 9, 18, 39, 54, 82, 100, 138, 180, 201, 208, 214, 218, 235
Hospital Insurance program 147, 207, 243
Hospital Insurance Trust Fund 213
I
Immigration 9, 82, 88, 183, 193, 235, 242
Immigration assumptions 88
Income rate 4, 12, 53, 207
Infinite horizon 11
Inflation 9, 82, 101, 218, 235
Inflation assumptions 101
Insured population 9, 125
Insured status 121
Interest 112, 156, 166, 174, 209, 235
Interest rate 82, 166, 187, 235
Interest rate projections 112
Interest rates 9
Interfund borrowing 159, 242
Intermediate assumptions 9, 39, 45, 54, 82, 137, 180, 209, 214, 218, 223, 226, 231, 235
L
Labor force projections 108
Lawful Permanent Resident (LPR) immigration 89
Legal immigration 242, 243
Life expectancy 4, 23, 82, 97, 108, 243
Life expectancy estimates 96
Long range 11, 52, 83, 128, 166, 207, 213
Low-cost assumptions 9, 18, 39, 54, 82, 100, 138, 180, 201, 208, 218, 235
Lump-sum death payment 151
M
Medicare 84, 243
Military service 53, 155, 159, 161, 163
N
National average wage index 218
Normal retirement age 117, 134, 151, 238
O
OASI beneficiaries 128
Old-Age and Survivors Insurance Trust Fund 155, 237
Old-law base 121
Other immigration 244
Other-than-LPR immigration 89
P
Par value 156
Partial advance funding 245
Pay-as-you-go financing 166
Payroll taxes 2, 116, 145, 169, 203, 207, 221
Population estimates 94
Population in the Social Security area 44, 64, 94, 124, 184
Present value 166
Primary insurance amount (PIA) 119
Productivity assumptions 101
Q
Quarters of coverage 125
R
Railroad Retirement 53, 69, 121, 154, 157, 174, 175, 176, 207, 213, 221, 237
Reallocation of tax rates 246
Real-wage differential 105, 184
Retired-worker benefit 128, 183, 231
Retirement age 117, 151, 238
Retirement earnings test 103, 117
Retirement eligibility age 183
S
Scenario-based model 246
Scheduled benefits 187, 213, 221, 233, 246
Self-employment 53, 101, 208, 245
Self-Employment Contributions Act 245, 246
Sensitivity analysis 180
Short range 10, 40, 128
Social Security Act 116, 156, 218, 231, 237
Social Security amendments 37
Solvency 247
Special public-debt obligation 115, 156, 187
Stochastic projections 193
Substantial gainful activity 134, 239
Summarized balance 214
Summarized income and cost rates 69, 166, 180, 211, 235
Supplemental Security Income 174
Supplementary Medical Insurance program 207, 243
Survivor benefit 2, 8, 131, 236
Sustainable solvency 65, 66
T
Taxable earnings 44, 64, 117, 167, 236
Taxable payroll 4, 23, 53, 101, 125, 166, 181, 207, 213, 218, 237
Taxable ratio 188
Taxable self-employment income 248
Taxable wages 149, 208, 249
Taxation of benefits 7, 149, 213, 221, 242
Taxes 7, 116, 208
Termination 82
Termination rate 9, 128, 191, 235
Test of long-range close actuarial balance 52, 65, 67
Test of short-range financial adequacy 10, 11, 41, 67, 68, 249
Total fertility rate 83, 180
Trust fund financial operations 7, 25, 41, 155
Trust fund ratio 10, 40, 52, 65, 159, 177, 251
Trust fund reserves 40
U
Unemployment projections 108
Unfunded obligation 4, 11, 16, 18, 52, 72, 73, 205, 244, 251, 252
Unnegotiated check 174
V
Valuation period 16, 50, 52, 166, 180, 211, 235
Vocational rehabilitation 53, 157, 175, 213, 221, 233, 237
Y
Year of depletion 12, 15, 52, 67

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