2018 Trustees Report
On June 5, the Social Security Board of Trustees released its annual report on the current and projected financial
status of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds.
The combined funds are projected to become depleted in 2034, the same as last year. After that time, the income
from taxes will be sufficient to pay 79 percent of scheduled benefits. The DI Trust Fund will become depleted
in 2032, extended from last year’s estimate of 2028, with 96 percent of benefits still payable.
In the 2018 Report to Congress, the trustees also announced:
- The asset reserves of the combined OASDI Trust Funds increased by $44 billion in 2017 to a total of $2.89
- The total annual cost of the program is projected to exceed total annual income in 2018 for the first time
since 1982, and remain higher throughout the 75-year projection period. As a result, asset reserves are
expected to decline during 2018. Social Security’s cost has exceeded its non-interest income since 2010.
- The projected actuarial deficit over the 75-year long-range period is 2.84 percent of taxable payroll—slightly
larger than the 2.83 percent projected in last year’s report.
Social Security is with your clients through life’s journey, helping them secure today and tomorrow. The longevity
of our programs relies on the accurate, up-to-date data provided in these yearly reports. You can view the
full 2018 Trustees Report at www.socialsecurity.gov/OACT/TR/2018/.
New Way to do SSI Wage Reporting With Social Security
Social Security has expanded its online wage reporting service to allow people who receive Supplemental Security
Income (SSI) benefits, deemors, and people who receive both Social Security Disability (SSDI) and SSI benefits,
and their representative payees to report wages securely online. This capability had been available only
to SSDI beneficiaries and their representative payees. The service
is available through our existing my Social Security portal.
Wage reporters can still use the SSI Telephone Wage Reporting and SSI Mobile Wage Reporting applications. This new option allows them to avoid visiting a field office to report their wages in person
and allows them to print or save a receipt of their report. However, users must still contact an office to
report when they first start working for each new employer. It’s also important to note that representative
payees are able to report wages, but won’t have access to beneficiaries’ or recipient’s other information.
You and your clients can visit www.socialsecurity.gov today to learn more about this convenient
new online service.
Withholding Federal Income Tax from Your Social Security Benefits
Have you or your clients recently filed your taxes, or met with your tax professional and been given the news
that you need to send the IRS a large payment? Let your clients know that they can ask Social Security to
withhold federal taxes from their monthly benefits at a rate of 7, 10, 12, or 22 percent. They will need
to complete and sign IRS Form W-4V, available at www.irs.gov/forms-pubs.
They can then mail it to their local Social Security office. Our Social Security office locator can be accessed
At the beginning of the next calendar year, your clients will receive Form SSA-1099, which will show any Voluntary
Federal Income Tax withheld. If they wish to change or even stop the amount withheld, they can sign a new
form W-4V, and mail it to their local Social Security office. More information can be found at www.socialsecurity.gov/planners/taxwithold.html.
Facebook Live Event - World Elder Abuse Awareness
In an effort to increase awareness of threats to seniors and to help people identify and prevent cases of elder
abuse, the International Network for the Prevention of Elder Abuse launched the first World Elder Abuse Awareness
Day in 2006. In 2011, the United Nations officially designated June 15 for this important public awareness
To recognize World Elder Abuse Awareness Day, the Social Security Administration hosted a Facebook Live broadcast
on Wednesday, June 13, at 7 p.m. ET to discuss the detection and prevention of elder abuse. Jennifer Walker
of Social Security’s Office of the Inspector General (OIG) discussed how the OIG detects and prevents cases
of suspected elder abuse and financial exploitation, and she explained how people can identify and report
suspected elder abuse, as well as how people can protect themselves or seniors they know from mistreatment.
You and your clients can view the Facebook live event video at www.facebook.com/socialsecurity/videos/10156690034970288/.
If you suspect elder abuse, call 911 for an emergency. In a non-emergency situation, use the Eldercare Locator
by calling 800-677-1116 to find your local reporting agency.
This year, we observed Men’s Health Week from June 11 to 17. It so happens that Father’s Day falls on the last
day of Men’s Health Week, a perfect time to focus on awareness, prevention, education, and family. Social
Security encourages you to support fathers and friends everywhere in their efforts to stay healthy.
Part of staying healthy and happy is reducing the amount of stress in your life. That’s where opening a
Social Security online account can help. Our online services make doing business
with us fast and easy. With a my
Social Security account, you can:
- Keep track of your earnings and verify them every year;
- Get an estimate of your future benefits, if you are still working;
- Get a letter with proof of your benefits, if you currently receive them; and
- Manage your benefits. For example, you can:
- Change your address;
- Change your direct deposit;
- Request a replacement Medicare card; and
- Get a replacement SSA-1099 or SSA-1042S for tax season.
Tell Dad to check out the healthy number of features we have to offer at www.socialsecurity.gov/myaccount.