Social Security Financial Status: How the 2021 Annual Report Addressed the Impact of the COVID-19 Pandemic [October 15, 2021] [open pdf - 575KB]
From the Document: "Social Security is a self-financing program that in 2021 covers approximately 176 million workers and provides monthly cash benefits to over 65 million beneficiaries. It is the federal government's largest program in terms of both the number of people affected (i.e., covered workers and beneficiaries) and its finances. Social Security is composed of Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI), referred to collectively as OASDI. The financial status of Social Security helps to determine the program's ability to pay fully scheduled benefits on time--that is, the ability to provide monthly payments to current and future beneficiaries. At a basic level, the financial status of Social Security is simply the relationship among revenues, cost, and the holdings in trust funds. [...] News articles during the Coronavirus Disease 2019 (COVID-19) outbreak and the ensuing recession highlighted potential ways that Social Security and its beneficiaries could be adversely affected."
CRS In Focus, IF11946
Congressional Research Service: https://crsreports.congress.gov/