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<!-- #BeginEditable name="pagetitle" --><h2 class="center">Social Security Income, Cost, and Asset Reserves</h2><!-- #EndEditable -->
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<div class="row-12 equal-heights ">
<div class="column-3 no-bg-image border-bottom" id="nav-sidebar" role="navigation" >
<a href="../index.html">Office of the Chief Actuary </a>
<a href="tsOps.html">Time series for income & cost</a>
<a href="qop.html">Quarterly income and cost summary</a> <br />
<p>Trust fund data by&hellip;
&nbsp; &nbsp; <a href="../STATS/table4a3.html">calendar year</a>
&nbsp; &nbsp; <a href="fyOps.html">fiscal year</a></p>
</div><!-- end column-3 -->
<div class="column-9 ">
<p>The asset reserves of the Old-Age, Survivors, and Disability Insurance Trust Funds
represent the accumulation over time of the difference between income
and cost. The growth of the asset reserves from the end of December 1987 through
the end of December 2024 is shown below by calendar quarter.
<center>
<a href="qop.html"><img src="assets.gif" border="0"
alt="click on graph for table on income, cost, and asset reserves"></a></center>
<div class="ninetypercent"><p align="left">
<p>
Asset reserves grew from about $69 billion at the end of December 1987 to about $2,908 billion ($2.9 trillion) by the end of December 2020. Since the end of December 2020, asset reserves have declined slightly to about
$2,721 billion ($2.7 trillion) by the end of December 2024.
</p></div>
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<div class="column-3 no-bg-image border-bottom" id="nav-sidebar" role="navigation" >
<table border="1" bordercolor="green" cellspacing="0" cellpadding="4" width="100%"
summary="operations in last 3 months">
<caption><b>Operations in quarter<br />ending December 31, 2024</b>
<br />[In billions]</caption>
<tr>
<th align="left">Income</th><td align="right">$335.6</td></tr>
<tr>
<th align="left">Cost</th><td align="right">374.4</td></tr>
<tr>
<th align="left">Difference</th><td align="right">-38.7</td></tr>
<!--<tr><td colspan="2"><small><sup>a</sup>Increase in asset reserves of less than $0.05 billion.</small></td></tr> -->-
</table>
<p><br />
<table border="1" bordercolor="green" cellspacing="0" cellpadding="4" width="100%"
summary="operations in latest fiscal year">
<caption><b>Operations in fiscal year 2024<sup>a</sup></b>
<br />[In billions]</caption>
<tr>
<th align="left">Income</th><td align="right">$1,404.4</td></tr>
<tr>
<th align="left">Cost</th><td align="right">1,460.9</td></tr>
<tr>
<th align="left">Difference</th><td align="right">-56.5</td></tr>
<tr><td colspan="2"><small><sup>a</sup>The period from October 1, 2023 to September 30, 2024.</small></td></tr>
</table>
<p><br />
<table border="1" bordercolor="green" cellspacing="0" cellpadding="4" width="100%"
summary="operations in latest calendar year">
<caption><b>Operations in calendar year 2024<sup>a</sup></b>
<br />[In billions]</caption>
<tr>
<th align="left">Income</th><td align="right">$1,417.8</td></tr>
<tr>
<th align="left">Cost</th><td align="right">1,484.8</td></tr>
<tr>
<th align="left">Difference</th><td align="right">-67.0</td></tr>
<tr><td colspan="2"><small><sup>a</sup>The period from January 1, 2024 to December 31, 2024.</small></td></tr>
</table>
</p>
</div><!-- end column-3 -->
<div class="column-9 ">
<center><a href="qop.html"><img src="incomecost.gif" border="0"
alt="Click on graph to see income and cost amounts by quarter"></a>
</center>
<div class="ninetypercent"><p>
Note that there is much more seasonality in trust fund income compared to
trust fund cost. There are 2 primary reasons for seasonality in the quarterly
income figures.<ol>
<li>Tax income generally reaches a peak in the second calendar quarter when many
self-employed people pay their taxes with their income tax returns.
After the second quarter, tax income falls as earnings of more and
more people reach the <a href="../COLA/cbb.html">taxable maximum</a>
for Social Security.</li>
<li>Interest on <a href="specialissues.html">special-issue securities</a>
is paid on June 30 and December 31. While relatively small amounts of
interest are paid in every month when securities are redeemed,
interest income is always largest in the second and fourth quarters.</li>
</ol>
The combination of the seasonality in tax and interest income has made total
income highest in the second quarter of each year. Since 1992, the second highest
total income amount has been in the fourth quarter.
</p></div>
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