Social Security faces $9.6 Trillion in unfunded liabilities

The Social Security program faces $9.6 trillion in unfunded liabilities over the next 75 years, which is up $1 trillion from last year’s projection of $8.6 trillion, according to the latest report from Social Security’s board of trustees. 

The unfunded liability is the amount that has been promised in benefits to people now alive that will not be funded by the tax revenue the system is expected to take in to pay for those benefits. (The Social Security trustees calculate the unfunded liability for a period of 75 years into the future, from 2012 to 2087).

The report, The 2013 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, provides the latest data through the end of 2012. 

Social Security is officially called the Old-Age, Survivors, and Disability Insurance (OASDI) program, and consists of retired workers, their families, and survivors of deceased workers who get monthly benefits under the Old-Age and Survivors Insurance program and disabled workers and their families who get monthly benefits under the Disability Insurance program.

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