Social Security

Social Security is the largest federal program, paying benefits to retired workers and their dependents and survivors through the Old-Age and Survivors Insurance program and to disabled workers and their dependents through the Disability Insurance program. Those benefits are financed primarily by payroll taxes. CBO projects Social Security’s finances under current law and analyzes a wide variety of possible changes to the law.

  • Report
    Changes to CBO’s Long-Term Social Security Projections Since 2016

    This report explains the changes to CBO’s long-term Social Security projections since last year. Compared with those made in July 2016, CBO’s latest projections indicate a slight improvement in the financial outlook for Social Security.

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    Measuring the Adequacy of Retirement Income: A Primer

    This report explains the various measures and approaches for quantifying the adequacy of retirement income, providing a framework for further analysis.

  • Report
    The 2017 Long-Term Budget Outlook

    If current laws remained generally unchanged, the United States would face steadily increasing federal budget deficits and debt over the next 30 years—reaching the highest level of debt relative to GDP ever experienced in this country.

  • Report
    Options for Reducing the Deficit: 2017 to 2026

    CBO periodically issues a volume of options—this year’s installment presents 115—that would decrease federal spending or increase federal revenues over the next decade. The report is available both as a PDF and in a searchable format.

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    Testimony on Comparing CBO’s Long-Term Projections With Those of the Social Security Trustees

    Both CBO and the Social Security Trustees project a shortfall in Social Security finances but they differ in their assessment of its magnitude. This testimony describes that difference and the major factors that contribute to it.

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    Social Security Disability Insurance: Participation and Spending

    In 2015, Social Security Disability Insurance (DI) benefit payments totaled $143 billion. CBO examines approaches that could improve the financial sustainability of the DI program and delay exhaustion of the DI trust fund past 2022.

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    Social Security Policy Options, 2015

    CBO analyzes 36 policy options commonly proposed by policymakers and analysts. Most of them would improve Social Security’s long-term finances, but only a few would significantly postpone the combined trust funds’ exhaustion date.