Social Security: Program Overview, Financing, and Reform Proposals

This report provides a comprehensive overview of the Social Security program, including Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI). It describes benefit calculation methods, eligibility requirements, and the payroll tax financing structure.

The report examines the financial status of the Social Security trust funds, including the projected depletion date, the actuarial deficit, and the implications of demographic trends such as population aging and declining birth rates for program solvency.

Congressional considerations include proposals to address the long-term financing shortfall, such as raising the payroll tax cap, adjusting the retirement age, modifying benefit formulas, means-testing benefits, and creating supplemental savings accounts. The report also discusses the Windfall Elimination Provision and Government Pension Offset.