Page 8 - Senior Times South Central Michigan - May 2019- 26-05

Page 8
Senior Times - May 2019
Social Security Board of
For referrals call us at 269.342.1992 879 E Michigan Ave, Marshall, MI 49068 www.MedilodgeofMarshall.com
or injury.
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The Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds.
• The combined asset reserves of the
A. Berryhill, Acting Commissioner
of Social Security. “The large change in the reserve depletion date for the
DI Fund is mainly due to continuing favorable trends in the disability pro- gram. Disability applications have been declining since 2010, and the number of disabled-worker beneficiaries receiv- ing payments has been falling since 2014.”
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Branch Area Transit Authority
the combined OASI and DI Trust Funds amounted to just over $1 tril- lion in 2018 ($885 billion from net payroll tax contributions, $35 billion from taxation of benefits, and $83 bil- lion in interest).
Curb to Curb Transportation  Half Fare for Handicapped & Senior Citizens Over 60  Weekly Subscriptions Available  Equipped for the Handicapped  Open Seven Days a Week
• During 2018, an estimated 176 mil- lion people had earnings covered by Social Security and paid payroll taxes.
CALL (517) 278-5889
• The cost of $6.7 billion to administer the Social Security program in 2018 was a very low 0.7 percent of total expenditures.
306 S. Clay Street, Coldwater, MI  www.branchareatransit.com
• The combined Trust Fund asset reserves earned interest at an effective annual rate of 2.9 percent in 2018.
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Stacey Lott
Attorney at Law
Estate Planning & Elder Law
269.963.8222
130 East Columbia Avenue Battle Creek, MI 49015
www.staceylottlaw.com
View the 2019 Trustees Report at www.socialsecurity.gov/OACT/ TR/2019/
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Trustees Releases Annual Report
By: Vonda VanTil, Public Affairs Specialist
The Social Security combined trust funds gain one year says the board of trustees. The disability fund shows strong improvement – 20 years.
Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2035, one year later than projected last year, with 80 percent of benefits payable at that time.
Other highlights of the Trustees Report include:
• Total income, including interest, to
• The OASI Trust Fund is projected to become depleted in 2034, the same as last year’s estimate, with 77 percent of benefits payable at that time.
• The DI Trust Fund is estimated to become depleted in 2052, extended 20 years from last year’s estimate of 2032, with 91 percent of benefits still payable.
In the 2019 Annual Report to Congress, the Trustees announced:
• The asset reserves of the combined OASI and DI Trust Funds increased by $3 billion in 2018 to a total of $2.895 trillion.
• The total annual cost of the program is projected to exceed total annual income, for the first time since 1982, in 2020 and remain higher throughout the 75-year projection period. As a result, asset reserves are expected to decline during 2020. Social Security’s cost has exceeded its non-interest income since 2010.
• The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2035 – gaining one year from last year’s projection. At that time, there would be sufficient income coming in to pay 80 percent of scheduled benefits.
“The Trustees recommend that law- makers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust to them,” said Nancy
BARRY COUNTY COMMISSION ON AGING
Delton Faith United Methodist Church
(269) 579-3918 11:00am-1pm
Friendship Center Locations:
Hastings COA Building:
(269) 948-4856 Mon-Fri 10 am-2pm
Main St. Banquets:
Woodland Eagles Club:
(517) 213-9212 Mon-Fri 10:30am-1pm
(269) 367-4041
Mon, Wed & Fri 10:30am-1pm
• Home Delivered Meals. For homebound seniors that are unable to pre- pare meals, can receive delicious meals at home. Special diets available. • Senior Center Activities including line dancing, card making, beading,
cards, bingo, and many others.
• Senior Meal Choice Dining. Restaurant-based senior dining program. • Chore Service provides minor home repair for seniors.
There are many more activities and opportunities to volunteer your time and talents! Just Call Barry County Commission on Aging for more information.
320 West Woodlawn Avenue, Hastings, MI 49058 Phone: (269) 948-4856 | Fax: (269) 948-3336 E-Mail: bccoa@barrycounty.org | www.barrycounty.org
• Total expenditures from the combined OASI and DI Trust Funds amounted to $1 trillion in 2018.
• Social Security paid benefits of nearly $989 billion in calendar year 2018. There were about 63 million benefi- ciaries at the end of the calendar year.
• The projected actuarial deficit over the 75-year long-range period is 2.78 percent of taxable payroll – lower than the 2.84 percent projected in last year’s report.
The Board of Trustees usually comprises six members. Four serve
by virtue of their positions with
the federal government: Steven T. Mnuchin, Secretary of the Treasury and Managing Trustee; Nancy A. Berryhill, Acting Commissioner of Social Security; Alex M. Azar II, Secretary
of Health and Human Services; and R. Alexander Acosta, Secretary of Labor. The two public trustee positions are currently vacant.