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<h2 class="fw4 ma0">The 2021 OASDI Trustees Report</h2>
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<h3>Table of Contents</h3>
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<div class="CodeAnchor"><a name="937637"></a></div>
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<div class="ChapterTOC"><a href="I_intro.html#1001487" title="THE 2021 ANNUAL REPORT OF THE BOARD OFTRUSTEES OF THE FEDERAL OLD-AGE ANDSURVIVORS INSURANCE AND FEDERAL DISABILITYINSURANCE TRUST FUNDS" name="945795"> I. INTRODUCTION</a></div>
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<div class="ChapterTOC"><a href="II_A_highlights.html#" title="II. OVERVIEW" name="945797"> II. OVERVIEW</a></div>
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<div class="SectionTOC"><a href="II_A_highlights.html#76460" title="II. OVERVIEW" name="945799"> A. HIGHLIGHTS</a></div>
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<div class="SectionTOC"><a href="II_B_cyoper.html#94983" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2020" name="945801"> B. TRUST FUND FINANCIAL OPERATIONS IN 2020</a></div>
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<div class="SectionTOC"><a href="II_C_assump.html#95492" title="C. ASSUMPTIONS ABOUT THE FUTURE" name="945803"> C. ASSUMPTIONS ABOUT THE FUTURE</a></div>
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<div class="SectionTOC"><a href="II_D_project.html#105057" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS" name="945805"> D. PROJECTIONS OF FUTURE FINANCIAL STATUS</a></div>
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<div class="SectionTOC"><a href="II_E_conclu.html#86802" title="E. CONCLUSION" name="945807"> E. CONCLUSION</a></div>
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<div class="ChapterTOC"><a href="III_A_cyoper.html#" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="945809"> III. FINANCIAL OPERATIONS OF THE TRUST FUNDS AND LEGISLATIVE CHANGES IN THE LAST YEAR</a></div>
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<div class="SectionTOC"><a href="III_A_cyoper.html#84778" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="945811"> A. OPERATIONS OF THE OLD‑AGE AND SURVIVORS INSURANCE (OASI) AND DISABILITY INSURANCE (DI) TRUST FUNDS, IN CALENDAR YEAR 2020</a></div>
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<div class="SubsectionTOC"><a href="III_A_cyoper.html#84548" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="945813"> 1. OASI Trust Fund</a></div>
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<div class="SubsectionTOC"><a href="III_A_cyoper.html#105731" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="945815"> 2. DI Trust Fund</a></div>
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<div class="SubsectionTOC"><a href="III_A_cyoper.html#156168" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="945817"> 3. OASI and DI Trust Funds, Combined</a></div>
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<div class="SectionTOC"><a href="III_B_amdmts.html#92782" title="B. SOCIAL SECURITY AMENDMENTS SINCE THE 2020 REPORT" name="945819"> B. SOCIAL SECURITY AMENDMENTS SINCE THE 2020 REPORT</a></div>
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<div class="ChapterTOC"><a href="IV_A_SRest.html#" title="IV. ACTUARIAL ESTIMATES" name="945821"> IV. ACTUARIAL ESTIMATES</a></div>
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<div class="SectionTOC"><a href="IV_A_SRest.html#90333" title="IV. ACTUARIAL ESTIMATES" name="945823"> A. SHORT-RANGE ESTIMATES</a></div>
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<div class="SubsectionTOC"><a href="IV_A_SRest.html#90386" title="IV. ACTUARIAL ESTIMATES" name="945825"> 1. Operations of the OASI Trust Fund</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_A_SRest.html#178551" title="IV. ACTUARIAL ESTIMATES" name="945827"> 2. Operations of the DI Trust Fund</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_A_SRest.html#126084" title="IV. ACTUARIAL ESTIMATES" name="945829"> 3. Operations of the Combined OASI and DI Trust Funds</a</div>
|
||
<div class="SubsectionTOC"><a href="IV_A_SRest.html#307256" title="IV. ACTUARIAL ESTIMATES" name="945831"> 4. Factors Underlying Changes in 10-Year Trust Fund Ratio Estimates From Last Year’s Report</a></div>
|
||
<div class="SectionTOC"><a href="IV_B_LRest.html#378399" title="B. LONG-RANGE ESTIMATES" name="945833"> B. LONG-RANGE ESTIMATES</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#411881" title="B. LONG-RANGE ESTIMATES" name="945835"> 1. Annual Income Rates, Cost Rates, and Balances</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#222190" title="B. LONG-RANGE ESTIMATES" name="945837"> 2. Comparison of Workers to Beneficiaries</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#366403" title="B. LONG-RANGE ESTIMATES" name="945839"> 3. Trust Fund Ratios and Test of Long-Range Close Actuarial Balance</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#402226" title="B. LONG-RANGE ESTIMATES" name="945841"> 4. Summarized Income Rates, Summarized Cost Rates, and Actuarial Balances</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#417122" title="B. LONG-RANGE ESTIMATES" name="945843"> 5. Open-Group Unfunded Obligation</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#419506" title="B. LONG-RANGE ESTIMATES" name="945845"> 6. Reasons for Change in Actuarial Balance From Last Report</a></div>
|
||
<div class="ChapterTOC"><a href="V_A_demo.html#253046" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="945847"> V. ASSUMPTIONS AND METHODS UNDERLYING ACTUARIAL ESTIMATES</a></div>
|
||
<div class="SectionTOC"><a href="V_A_demo.html#79489" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="945849"> A. DEMOGRAPHIC ASSUMPTIONS AND METHODS</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#79491" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="945851"> 1. Fertility Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#252976" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="945853"> 2. Mortality Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#79519" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="945855"> 3. Immigration Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#81231" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="945857"> 4. Total Population Estimates</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#228705" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="945859"> 5. Life Expectancy Estimates</a></div>
|
||
<div class="SectionTOC"><a href="V_B_econ.html#170227" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="945861"> B. ECONOMIC ASSUMPTIONS AND METHODS</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#242370" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="945863"> 1. Productivity Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#131314" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="945865"> 2. Price Inflation Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#131323" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="945867"> 3. Average Earnings Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#214592" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="945869"> 4. Assumed Real Wage Differential</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#189335" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="945871"> 5. Labor Force, Employment, and Unemployment Projections</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#242278" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="945873"> 6. Gross Domestic Product Projections</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#209902" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="945875"> 7. Interest Rates</a></div>
|
||
<div class="SectionTOC"><a href="V_C_prog.html#147902" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945877"> C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#96145" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945879"> 1. Automatically Adjusted Program Parameters</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#121228" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945881"> 2. Covered Employment</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#1038506" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945883"> 3. Insured Population</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#87223" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945885"> 4. Old-Age and Survivors Insurance Beneficiaries</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#281590" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945887"> 5. Disability Insurance Beneficiaries</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#989891" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945889"> 6. Covered and Taxable Earnings, Taxable Payroll, and Payroll Tax Contributions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#284807" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945891"> 7. Income From Taxation of Benefits</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#90083" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945893"> 8. Average Benefits</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#90086" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945895"> 9. Scheduled Benefits</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#286195" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945897"> 10. Illustrative Scheduled Benefit Amounts</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#1077085" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945899"> 11. Administrative Expenses</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#90091" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="945901"> 12. Railroad Retirement Financial Interchange</a></div>
|
||
<div class="ChapterTOC"><a href="VI_A_cyoper_hist.html#" title="VI. APPENDICES" name="945903"> VI. APPENDICES</div>
|
||
<div class="SectionTOC"><a href="VI_A_cyoper_hist.html#207125" title="VI. APPENDICES" name="945905"> A. HISTORY OF OASI AND DI TRUST FUND OPERATIONS</a></div>
|
||
<div class="SectionTOC"><a href="VI_B_LRact_bal.html#102806" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES" name="945907"> B. HISTORY OF ACTUARIAL STATUS ESTIMATES</a></div>
|
||
<div class="SectionTOC"><a href="VI_C_SRfyproj.html#185082" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2030" name="945909"> C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2030</a></div>
|
||
<div class="SectionTOC"><a href="VI_D_LRsens.html#100512" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945911"> D. LONG-RANGE SENSITIVITY ANALYSIS</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#100885" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945913"> 1. Total Fertility Rate</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#92688" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945915"> 2. Death Rates</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#92900" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945917"> 3. Immigration</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#93098" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945919"> 4. Real Wage Differential</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#93311" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945921"> 5. Consumer Price Index</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#93516" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945923"> 6. Real Interest Rate</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#130621" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945925"> 7. Taxable Ratio</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#131551" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945927"> 8. Disability Incidence Rates</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#93910" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="945929"> 9. Disability Termination Rates</a></div>
|
||
<div class="SectionTOC"><a href="VI_E_stoch.html#103970" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="945931"> E. STOCHASTIC PROJECTIONS AND UNCERTAINTY</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_E_stoch.html#100956" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="945933"> 1. Background</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_E_stoch.html#100960" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="945935"> 2. Stochastic Methodology</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_E_stoch.html#112618" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="945937"> 3. Stochastic Results</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_E_stoch.html#114460" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="945939"> 4. Comparison of Results: Stochastic to Low-Cost, Intermediate, and High-Cost Alternative Scenarios</a></div>
|
||
<div class="SectionTOC"><a href="VI_F_infinite.html#" title="F. INFINITE HORIZON PROJECTIONS" name="945941"> F. INFINITE HORIZON PROJECTIONS</a></div>
|
||
<div class="SectionTOC"><a href="VI_G1_OASDHI_payroll.html#105439" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED" name="945943"> G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_G1_OASDHI_payroll.html#161834" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED" name="945945"> 1. Estimates as a Percentage of Taxable Payroll</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_G2_OASDHI_GDP.html#113389" title="2. Estimates as a Percentage of Gross Domestic Product" name="945947"> 2. Estimates as a Percentage of Gross Domestic Product</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_G3_OASDHI_dollars.html#116339" title="3. Estimates in Dollars" name="945949"> 3. Estimates in Dollars</a></div>
|
||
<div class="SectionTOC"><a href="VI_H_OASIforDI.html#97986" title="H. ANALYSIS OF BENEFIT PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES" name="945951"> H. ANALYSIS OF BENEFIT PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES</a></div>
|
||
<div class="SectionTOC"><a href="VI_I_glossary.html#1042403" title="I. GLOSSARY" name="945953"> I. GLOSSARY</a></div>
|
||
<div class="ListsTOC"><a href="X1_trLOT.html#" title="LIST OF TABLE" name="945955">LIST OF TABLES </a></div>
|
||
<div class="ListsTOC"><a href="X2_trLOF.html#" title="LIST OF FIGURES" name="945957">LIST OF FIGURES </a></div>
|
||
<div class="ListsTOC"><a href="ix.html#" title="INDEX" name="945959">INDEX </a></div>
|
||
<div class="OpinionTOC"><a href="Z_trActOpn.html#" title="STATEMENT OF ACTUARIAL OPINION" name="945961">STATEMENT OF ACTUARIAL OPINION </a></div>
|
||
|
||
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