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2034: The OASI exhausts its asset reserves (if treated separately)
Social Security is actually comprised of two trusts:
- The Old-Age and Survivors Insurance (OASI) trust, which provides payouts to retired workers and survivors of deceased workers; and
- The Disability Insurance (DI) trust, which supplies payments to workers that are long-term disabled.
When the Trustees examine the long-term outlook for Social Security, they hypothetically combine the financials of these two trusts into one (known as the OASDI). But if these two trusts were examined individually, the OASI is in far greater danger of exhausting its asset reserves sooner. Based on the latest report, the OASI is expected to deplete its asset reserves by 2034, at which point benefit cuts would become necessary to sustain solvency.