The 2026 OASDI Trustees Report

LIST OF TABLES
II. OVERVIEW
  II.A1 Key Results
  II.B1 Summary of 2025 Trust Fund Financial Operations
  II.B2 Payroll Tax Contribution Rates for 2025
  II.C1 Key Assumptions and Summary Measures for Long-Range (75-Year) Projections
  II.D1 Projected Maximum Trust Fund Ratios During the Long-Range Period and Trust Fund Reserve Depletion Dates
  II.D2 Reasons for Change in the 75-Year Actuarial Balance, Based on Intermediate Assumptions
III. FINANCIAL OPERATIONS OF THE TRUST FUNDS AND LEGISLATIVE CHANGES IN THE LAST YEAR
  III.A1 Operations of the OASI Trust Fund, Calendar Year 2025
  III.A2 Operations of the DI Trust Fund, Calendar Year 2025
  III.A3 Operations of the Combined OASI and DI Trust Funds, Calendar Year 2025
  III.A4 Comparison of Actual Calendar Year 2025 Trust Fund Operations With Estimates Made in Prior Reports, Based on Intermediate Assumptions 
  III.A5 Distribution of Benefit Payments by Type of Beneficiary or Payment, Calendar Years 2024 and 2025
  III.A6 Administrative Expenses as a Percentage of Total Income and of Total Cost, Calendar Years 2021-2025
  III.A7 Trust Fund Investment Transactions, Calendar Year 2025
IV. ACTUARIAL ESTIMATES
  IV.A1 Operations of the OASI Trust Fund, Calendar Years 2021-2035
  IV.A2 Operations of the DI Trust Fund, Calendar Years 2021-2035
  IV.A3 Operations of the Combined OASI and DI Trust Funds, Calendar Years 2021-2035
  IV.A4 Reasons for Change in Trust Fund (Unfunded Obligation) Ratios at the Beginning of the Tenth Year of Projection Under Intermediate Assumptions
  IV.B1 Annual Income Rates, Cost Rates, and Balances, Calendar Years 1990-2100
  IV.B2 Components of Annual Income Rates, Calendar Years 1990-2100
  IV.B3 Annual Income Rates, Cost Rates, and Balances, Calendar Years 1990-2100
  IV.B4 Covered Workers and Beneficiaries, Calendar Years 1945-2100
  IV.B5 Trust Fund Ratios, Calendar Years 2026-2100
  IV.B6 Components of Summarized Income Rates and Cost Rates, Calendar Years 2026-2100
  IV.B7 Components of Summarized Income Rates and Cost Rates, Calendar Years 2026-2100
  IV.B8 Components of 75-Year Actuarial Balance and Unfunded Obligation Under Intermediate Assumptions
  IV.B9 Reasons for Change in the 75-Year Actuarial Balance, Based on Intermediate Assumptions
V. ASSUMPTIONS AND METHODS UNDERLYING ACTUARIAL ESTIMATES
  V.A1 Fertility and Mortality Assumptions, Calendar Years 1940-2100
  V.A2 Immigration Assumptions, Calendar Years 1940-2100
  V.A3 Social Security Area Population on July 1 and Dependency Ratios, Calendar Years 1945-2100
  V.A4 Period Life Expectancy 
  V.A5 Cohort Life Expectancy 
  V.B1 Principal Economic Assumptions 
  V.B2 Additional Economic Factors 
  V.C1 Cost-of-Living Benefit Increases, Average Wage Index, Contribution and Benefit Bases, and Retirement Earnings Test Exempt Amounts, 1975-2035
  V.C2 Values for Selected Wage-Indexed Program Parameters, Calendar Years 1978-2035
  V.C3 Legislated Changes in Normal Retirement Age and Delayed Retirement Credits for Persons Attaining Age 62 in Each Year 1986 and Later
  V.C4 OASI Beneficiaries With Benefits in Current-Payment Status at the End of Calendar Years 1945-2100
  V.C5 DI Beneficiaries with Benefits in Current-Payment Status at the End of Calendar Years 1960-2100
  V.C6 Contribution and Benefit Base and Payroll Tax Contribution Rates
  V.C7 Annual Scheduled Benefit Amounts for Retired Workers With Various Pre-Retirement Earnings Patterns Based on Intermediate Assumptions, Calendar Years 2026-2100
VI. APPENDICES
A. HISTORY OF OASI AND DI TRUST FUND OPERATIONS
  VI.A1 Operations of the OASI Trust Fund, Calendar Years 1937-2025
  VI.A2 Operations of the DI Trust Fund, Calendar Years 1957-2025
  VI.A3 Operations of the Combined OASI and DI Trust Funds, Calendar Years 1957-2025
  VI.A4 OASI Trust Fund Reserves, End of Calendar Years 2024 and 2025
  VI.A5 DI Trust Fund Reserves, End of Calendar Years 2024 and 2025
B. HISTORY OF ACTUARIAL STATUS ESTIMATES
  VI.B1 Long-Range OASDI Actuarial Balances  and Trust Fund Reserve Depletion Dates as Shown in the Trustees Reports for 1982-2026 under Intermediate Assumptions
C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2035
  VI.C1 Operations of the OASI Trust Fund, Fiscal Year 2025
  VI.C2 Operations of the DI Trust Fund, Fiscal Year 2025
  VI.C3 Operations of the Combined OASI and DI Trust Funds, Fiscal Year 2025
  VI.C4 Operations of the OASI Trust Fund, Fiscal Years 2021-2035
  VI.C5 Operations of the DI Trust Fund, Fiscal Years 2021-2035
  VI.C6 Operations of the Combined OASI and DI Trust Funds, Fiscal Years 2021-2035
D. LONG-RANGE SENSITIVITY ANALYSIS
  VI.D1 Sensitivity of OASDI Measures to Fertility Assumptions
  VI.D2 Sensitivity of OASDI Measures to Death-Rate Assumptions
  VI.D3 Sensitivity of OASDI Measures to Total Net Immigration Assumptions
  VI.D4 Sensitivity of OASDI Measures to Real Wage Growth Assumptions
  VI.D5 Sensitivity of OASDI Measures to CPI-Increase Assumptions
  VI.D6 Sensitivity of OASDI Measures to Real Interest Rate Assumptions
  VI.D7 Sensitivity of OASDI Measures to Taxable Ratio Assumptions
  VI.D8 Sensitivity of OASDI Measures to Disabled-Worker Incidence Assumptions
  VI.D9 Sensitivity of OASDI Measures to Disabled-Worker Termination Assumptions
E. STOCHASTIC PROJECTIONS AND UNCERTAINTY
  VI.E1 Long-Range Estimates Relating to the Actuarial Status of the Combined OASDI Program
F. INFINITE HORIZON PROJECTIONS
  VI.F1 OASDI Unfunded Obligations Through the Infinite Horizon and the 75-Year Projection Period, Based on Intermediate Assumptions
  VI.F2 Present Values Through the Infinite Horizon for Various Categories of Program Participants, Based on Intermediate Assumptions
G. ESTIMATES IN DOLLARS
  VI.G1 Selected Economic Variables, Calendar Years 2025-2100
  VI.G2 Operations of the Combined OASI and DI Trust Funds, in Current Dollars, Calendar Year 2026 Through Year of Reserve Depletion
  VI.G3 Annual Non-Interest Income, Cost, and Balance in Current Dollars, Calendar Years 2026-2100
  VI.G4 Operations of the Combined OASI and DI Trust Funds in CPI-Indexed 2026 Dollars, Calendar Year 2026 Through Year of Reserve Depletion
  VI.G5 Annual Non-Interest Income, Cost, and Balance in CPI-Indexed 2026 Dollars, Calendar Years 2026-2100
H. ANALYSIS OF BENEFIT PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES
  VI.H1 Scheduled Benefit Payments From the OASI Trust Fund With Respect to Disabled Beneficiaries
  VI.H2 Scheduled Benefit Payments Under the OASDI Program With Respect to Disabled Beneficiaries