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YOUR SOCIAL SECURITY | West/Mid-West Region

Davenport Social Security Administration
4319 N. Brady Street, Davenport, Iowa
(855) 420-8556   Mon.-Fri. 9 am – 4 PM

Rock Island Social Security Administration
2350 4th Avenue, Rock Island, Illinois
(866) 414-9166   Mon.-Fri. 9 am – 4 PM

Combined Funds Move One Year Sooner to 2034; OASI Remains at 2033

The Social Security Board of Trustees released its annual report on the financial status of the Social Security Trust Funds. The combined reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to have enough dedicated revenue to pay all scheduled benefits and associated administrative costs until 2034, one year earlier than projected last year, with 81 percent of benefits payable at that time.

The OASI Trust Fund is projected to become depleted in 2033, the same year as last year’s estimate, with 77 percent of benefits payable at that time. The DI Trust Fund reserves are not projected to become depleted during the 75-year projection period.

In the 2025 Annual Report to Congress, the Trustees announced:

The reserves of the combined OASI and DI Trust Funds declined by $67 billion in 2024 to a total of $2.72 trillion.

The total annual cost of the program is projected to exceed total annual income in 2025 and remain higher throughout the 75-year projection period. Total cost began to be higher than total income in 2021. Social Security’s cost has exceeded its non-interest income since 2010.

If Congress does not act, combined trust fund reserves are currently projected to become depleted in 2034. At that time, there would be sufficient income coming in to pay 81 percent of scheduled benefits.

“To ensure we serve the public and deliver high-quality service to the 185 million people who work and pay payroll taxes for Social Security and the 70 million beneficiaries who will receive benefits during 2025, the financial status of the trust funds remains a top priority for the Trump Administration,” said Frank Bisignano, Commissioner of Social Security. “Congress, along with the Social Security Administration and others committed to eliminating waste, fraud, and abuse, must work together to protect and strengthen the trust funds for the millions of Americans who rely on it – now and in the future – for a secure retirement or in the event of a disability.”

Other highlights of the Trustees Report include:

Total income, including interest, to the combined OASI and DI Trust Funds amounted to $1.42 trillion in 2024. ($1.29 trillion from net payroll tax contributions, $55 billion from taxation of benefits, and $69 billion in interest)

Total expenditures from the combined OASI and DI Trust Funds amounted to $1.48 trillion in 2024.

Social Security paid benefits of $1.47 trillion in calendar year 2024. There were about 68 million beneficiaries at the end of the calendar year.

The projected actuarial deficit over the 75-year long-range period is 3.82 percent of taxable payroll – higher than the 3.50 percent projected in last year’s report.

During 2024, an estimated 184 million people had earnings covered by Social Security and paid payroll taxes.

The cost of $7.4 billion to administer the Social Security program in 2024 was a very low 0.5 percent of total expenditures.

The combined trust fund reserves earned interest at an effective annual rate of 2.5 percent in 2024.

The Board of Trustees usually comprises six members. Four serve by virtue of their positions with the federal government: Scott Bessent, Secretary of the Treasury and Managing Trustee; Frank Bisignano, Commissioner of Social Social Security; Robert F. Kennedy, Jr., Secretary of Health and Human Services; and Lori Chavez-DeRemer, Secretary of Labor. The two public trustee positions are currently vacant.

View the 2025 Trustees Report at www.socialsecurity.gov/OACT/TR/2025/.

Social Security Achieves Key Milestones in Customer Service Transformation

Agency completes all Social Security Fairness Act payments five months ahead of schedule; significantly reduces wait times; cuts disability backlogs; and expands technology to better serve the American public.

The Social Security Administration (SSA) today announced significant progress in its ongoing efforts to improve customer service while handling record transaction volumes. Key milestones include:

Completing over 3.1 million payments to all who were entitled under the Social Security Fairness Act (SSFA) five months ahead of schedule

Continuing to upgrade SSA’s telephone technology nationwide, deploying the platform to 841 field offices, representing 70 percent of field offices nationwide

Reducing the average speed of answer (ASA) on the 800 Number to 13 minutes, a 35 percent reduction compared to this time last year and over a 50 percent reduction compared to last year’s annual average

Optimizing technology on the 800 Number so that 90 percent of calls handled are now served via automated self-service options or convenient callbacks, minimizing hold times

Implementing a new service model in field offices that has reduced wait times about 10 percent for all customers year-over-year

Decreasing the initial disability claims backlog by 25 percent, from a record high of 1.2 million cases pending last summer to 950,000 cases pending today

Achieving a historic low of approximately 276,000 disability hearings pending, with customers experiencing wait times 60 days shorter than last summer

Upgrading the my Social Security online portal to provide uninterrupted, 24/7 access to customers starting mid-July

These milestones come just two months after Commissioner Frank J. Bisignano was sworn in as SSA’s 18th Senate-confirmed leader, with a vision to transform the agency into a premier service organization. Since his appointment, Commissioner Bisignano has engaged directly with employees across the country to understand their challenges and drive immediate improvements.

“My top priority is to transform SSA into a model of excellence—an organization that operates at peak efficiency and delivers outstanding service to every American,” said Commissioner Bisignano. “The American people have waited long enough for better service, and they deserve the absolute best from their government. I am deeply grateful to our dedicated employees who are already making this turnaround a reality.”

SSA has faced significant challenges in recent years, including service backlogs, long wait times, and low employee morale. The agency has ranked last among large federal agencies in employee satisfaction for three consecutive years. Under Commissioner Bisignano’s leadership, SSA is working to reverse this trend by equipping employees with the tools and resources they need to improve performance across all operations. Central to this transformation is SSA’s commitment to becoming a digital-first, technology-driven organization.

Social Security Applauds Passage of Legislation Providing Historic Tax Relief for Seniors

The Social Security Administration (SSA) is celebrating the passage of the One Big, Beautiful Bill, a landmark piece of legislation that delivers long-awaited tax relief to millions of older Americans.

The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation’s economy.

“This is a historic step forward for America’s seniors,” said Social Security Commissioner Frank Bisignano. “For nearly 90 years, Social Security has been a cornerstone of economic security for older Americans. By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump’s promise to protect Social Security and helps ensure that seniors can better enjoy the retirement they’ve earned.”

The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. It does so by providing an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can keep more of what they have earned.

Social Security remains committed to providing timely, accurate information to the public and will continue working closely with federal partners to ensure beneficiaries understand how this legislation may affect them.

For more information about Social Security programs and benefits, visit www.ssa.gov.