Social security annual report projects $130,500 wage base

The Social Security Board of Trustees has released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and the Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, the same as projected last year. The DI Trust Fund will become depleted in 2028, extended from last year’s estimate of 2023, with 93% of benefits still payable. The 2018 wage base is projected to be $130,500. The Board of Trustees usually comprises six members. Four serve by virtue of their positions with the federal government: Steven T. Mnuchin, Secretary of the Treasury and Managing Trustee; Nancy A. Berryhill, Acting Commissioner of Social Security; Thomas E. Price, M.D., Secretary of Health and Human Services; and R. Alexander Acosta, Secretary of Labor. The two public trustee positions are currently vacant. View the 2017 Trustees Report at www.socialsecurity.gov/OACT/TR/2017/. (The 2017 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, July 13, 2017.)

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