Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2017, and 2016
Statements of Social Insurance and Changes in Social Insurance Amounts
The Statements of Social Insurance provide estimates of the status of the most significant social insurance programs: Social Security, Medicare, Railroad Retirement, and Black Lung2. They are administered by the Social Security Administration (SSA), U.S. Department of Health and Human Services (HHS), the Railroad Retirement Board (RRB), and the Department of Labor (DOL), respectively. The estimates are actuarial present values3 of the projections and are based on the economic and demographic assumptions representing the trustees’ reasonable estimates as set forth in the relevant Social Security and Medicare trustees’ reports as well as in the agency financial reports of HHS, SSA, and DOL (Black Lung) and in the relevant agency performance and accountability report for the RRB. The SOSI projections, with one exception related to Medicare Part A and OASDI, are based on current law; that is, they assume that scheduled social insurance benefit payments would continue after related trust funds are projected to be depleted, contrary to current law. By law, once assets are exhausted, expenditures cannot be made except to the extent covered by ongoing tax receipts and other trust fund income.
The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections relating to the many assumptions of the programs, produce a wide range of possible results. In preparing the Statements of Social Insurance, Government management considers and selects assumptions and data that it believes provide a reasonable basis for the assertions in the statements. However, because of the large number of factors that affect the Statements of Social Insurance plus the fact that such assumptions are inherently subject to substantial uncertainty (arising from the likelihood of future events, significant uncertainties, and contingencies), there will be differences between the estimates in the Statements of Social Insurance and the actual results, and those differences may be material. Note 22—Social Insurance describes the social insurance programs, reports long-range estimates that can be used to assess the financial condition of the programs, and explains some of the factors that impact the various programs. The Statements of Changes in Social Insurance Amounts reconcile the change between the current valuation period and the prior valuation period.
United States Government Statements of Social Insurance
United States Government
Statements of Social Insurance (Note 22)
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
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| (In trillions of dollars) | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Federal Old-age, Survivors and Disability Insurance (Social Security):11 | |||||
| Revenue (Contributions and Dedicated Taxes) from: | |||||
| Participants who have attained eligibility age (age 62 and over) | 1.4 | 1.3 | 1.2 | 1.0 | 0.9 |
| Participants who have not attained eligibility age | 30.3 | 29.3 | 27.8 | 25.4 | 24.6 |
| Future participants | 30.5 | 29.7 | 26.6 | 24.6 | 23.4 |
| All current and future participants | 62.1 | 60.3 | 55.5 | 51.0 | 48.9 |
| Expenditures for Scheduled Future Benefits for: | |||||
| Participants who have attained eligibility age (age 62 and over) | (14.7) | (13.6) | (12.8) | (11.9) | (11.0) |
| Participants who have not attained eligibility age | (50.2) | (48.4) | (45.3) | (42.4) | (40.6) |
| Future participants | (12.6) | (12.4) | (10.9) | (10.0) | (9.6) |
| All current and future participants | (77.5) | (74.4) | (69.0) | (64.3) | (61.2) |
| Present value of future expenditures in excess of future revenue | (15.4)1 | (14.1)2 | (13.4)3 | (13.3)4 | (12.3)5 |
| Federal Hospital Insurance (Medicare Part A):11 | |||||
| Revenue (Contributions and Dedicated Taxes) from: | |||||
| Participants who have attained eligibility age (age 65 and over) | 0.5 | 0.5 | 0.4 | 0.3 | 0.3 |
| Participants who have not attained eligibility age | 10.7 | 10.3 | 9.1 | 8.4 | 8.1 |
| Future participants | 10.6 | 10.0 | 8.4 | 7.8 | 7.7 |
| All current and future participants | 21.7 | 20.7 | 17.9 | 16.5 | 16.2 |
| Expenditures for Scheduled Future Benefits for: | |||||
| Participants who have attained eligibility age (age 65 and over) | (4.5) | (4.3) | (3.8) | (3.5) | (3.4) |
| Participants who have not attained eligibility age | (17.2) | (16.8) | (14.5) | (14.1) | (14.6) |
| Future participants | (3.5) | (3.4) | (2.8) | (2.8) | (2.9) |
| All current and future participants | (25.3) | (24.5) | (21.1) | (20.4) | (21.0) |
| Present value of future expenditures in excess of future revenue | (3.5)1 | (3.8)2 | (3.2)3 | (3.8)4 | (4.8)5 |
| Federal Supplementary Medical Insurance (Medicare Part B):11 | |||||
| Revenue (Premiums) from: | |||||
| Participants who have attained eligibility age (age 65 and over) | 1.1 | 1.0 | 0.9 | 0.8 | 0.7 |
| Participants who have not attained eligibility age | 5.9 | 5.3 | 4.6 | 4.5 | 4.1 |
| Future participants | 1.4 | 1.2 | 1.0 | 1.1 | 0.9 |
| All current and future participants | 8.4 | 7.5 | 6.5 | 6.5 | 5.7 |
| Expenditures for Scheduled Future Benefits for: | |||||
| Participants who have attained eligibility age (age 65 and over) | (4.5) | (4.0) | (3.6) | (3.2) | (2.9) |
| Participants who have not attained eligibility age | (21.4) | (19.2) | (16.8) | (17.0) | (15.1) |
| Future participants | (4.9) | (4.3) | (3.5) | (4.1) | (3.4) |
| All current and future participants | (30.8) | (27.5) | (24.0) | (24.3) | (21.4) |
| Present value of future expenditures in excess of future revenue 6 | (22.4)1 | (20.0)2 | (17.5)3 | (17.9)4 | (15.7)5 |
| Totals may not equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. |
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United States Government
Statements of Social Insurance (Note 22), continued
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
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| (In trillions of dollars) | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Federal Supplementary Medical Insurance (Medicare Part D): 11 | |||||
| Revenue (Premiums and State Transfers) from: | |||||
| Participants who have attained eligibility age (age 65 and over) | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 |
| Participants who have not attained eligibility age | 2.0 | 2.2 | 1.8 | 1.6 | 1.5 |
| Future participants | 0.8 | 1.0 | 0.8 | 0.7 | 0.7 |
| All current and future participants | 3.1 | 3.5 | 2.9 | 2.5 | 2.3 |
| Expenditures for Scheduled Future Benefits for: | |||||
| Participants who have attained eligibility age (age 65 and over) | (1.0) | (1.0) | (0.9) | (0.8) | (0.7) |
| Participants who have not attained eligibility age | (6.9) | (7.7) | (6.4) | (5.9) | (5.9) |
| Future participants | (2.9) | (3.6) | (2.8) | (2.6) | (2.6) |
| All current and future participants | (10.8) | (12.2) | (10.2) | (9.3) | (9.2) |
| Present value of future expenditures in excess of future revenue 6 | (7.6)1 | (8.7)2 | (7.3)3 | (6.8)4 | (6.9)5 |
| Other:7 | |||||
| Present value of future expenditures in excess of future revenues 8,9,10 | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) |
| Total present value of future expenditures in excess of future revenue | (49.0) | (46.7) | (41.5) | (41.9) | (39.7) |
| Totals may
not equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. |
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| United States Government Statements of Social Insurance (Note 22), continued Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections |
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| (In trillions of dollars) | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Social Insurance Summary:11 | |||||
| Participants who have attained eligibility age: | |||||
| Revenue (e.g., contributions and dedicated taxes) | 3.3 | 3.1 | 2.8 | 2.3 | 2.1 |
| Expenditures for scheduled future benefits | (24.7) | (22.9) | (21.3) | (19.4) | (18.2) |
| Present value of future expenditures in excess of future revenue | (21.4) | (19.8) | (18.5) | (17.1) | (16.1) |
| Participants who have not attained eligibility age: | |||||
| Revenue (e.g., contributions and dedicated taxes) | 48.9 | 47.1 | 43.4 | 40.0 | 38.4 |
| Expenditures for scheduled future benefits | (95.7) | (92.2) | (83.1) | (79.6) | (76.3) |
| Present value of future expenditures in excess of future revenue | (46.8) | (45.1) | (39.7) | (39.6) | (37.9) |
| Closed-group - Total present value of future expenditures in excess of future revenue | (68.2) | (64.9) | (58.2) | (56.7) | (54.0) |
| Future Participants: | |||||
| Revenue (e.g., contributions and dedicated taxes) | 43.3 | 41.9 | 36.8 | 34.3 | 32.9 |
| Expenditures for scheduled future benefits | (24.0) | (23.7) | (20.1) | (19.6) | (18.6) |
| Present value of future revenue in excess of future expenditure | 19.3 | 18.2 | 16.8 | 14.8 | 14.3 |
| Open-group - Total present value of future expenditures in excess of future revenue | (49.0) | (46.7) | (41.5) | (41.9) | (39.7) |
| 1 The projection period for Social Security and Medicare is 1/1/2017-12/31/2091 and the valuation date is 1/1/2017. | |||||
| 2 The projection period for Social Security and Medicare is 1/1/2016-12/31/2090 and the valuation date is 1/1/2016. | |||||
| 3 The projection period for Social Security and Medicare is 1/1/2015-12/31/2089 and the valuation date is 1/1/2015. | |||||
| 4 The projection period for Social Security and Medicare is 1/1/2014-12/31/2088 and the valuation date is 1/1/2014. | |||||
| 5 The projection period for Social Security and Medicare is 1/1/2013-12/31/2087 and the valuation date is 1/1/2013. | |||||
| 6 These amounts represent the present value of the future transfers from the General Fund to the Supplementary Medical Insurance Trust Fund. These future intragovernmental transfers are included as income in both HHS’ and the Centers for Medicare & Medicaid Services’ Financial Reports but are not income from the governmentwide perspective of this report. | |||||
| 7 Includes Railroad Retirement and Black Lung. | |||||
| 8 These amounts do not include the present value of the financial interchange between the railroad retirement and social security systems, which is included as income in the Railroad Retirement Financial Report, but is not included from the governmentwide perspective of this report. (See discussion of Railroad Retirement Program in the unaudited required supplementary information section of this report). | |||||
| 9 Does not include interest expense accruing on the outstanding debt of the Black Lung Disability Trust Fund. | |||||
| 10 For information on the projection periods and valuation dates for the Railroad Retirement and Black Lung programs, refer to the financial statements of RRB and DOL, respectively. | |||||
| 11 Current participants for the Social Security and Medicare programs are assumed to be the “closed-group” of individuals who are at least 15 years of age at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both. | |||||
| Totals may
not equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. |
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2 In relation to the amounts presented in the Statements of Social Insurance and Changes in Social Insurance Amounts, the combined Railroad Retirement and Black Lung programs account for less than a quarter of one percent of the statement totals, and therefore, are not material from the consolidated perspective. (Back to Content)
3 Present values recognize that a dollar paid or collected in the future is worth less than a dollar today, because a dollar today could be invested and earn interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed. (Back to Content)
- A Message from the Secretary of the Treasury - PDF version
- Table of Contents - PDF version
- Results in Brief - PDF version
- The Nation By The Numbers
- Executive Summary - PDF version
- Management's Discussion & Analysis - PDF version
- Statement of the Comptroller General of the United States - PDF version
- Financial Statements - PDF version
- Statements of Net Cost
- Statements of Operations and Changes in Net Position
- Reconciliations of Net Operating Cost and Budget Deficit
- Statements of Changes in Cash Balance from Budget and Other Activities
- Balance Sheets
- Statements of Long-Term Fiscal Projections
- Statements of Social Insurance and Changes in Social Insurance Amounts
- Statements of Changes in Social Insurance Amounts
- Notes to the Financial Statements - PDF version
- Note 1. Summary of Significant Accounting Policies - PDF version
- Note 2. Cash and Other Monetary Assets - PDF version
- Note 3. Accounts and Taxes Receivable, Net - PDF version
- Note 4. Loan Receivable and Loan Guarantee Liabilities, Net - PDF version
- Note 5. Inventories and Related Property, Net - PDF version
- Note 6. Property, Plant, and Equipment, Net - PDF version
- Note 7. Debt and Equity Securities - PDF version
- Note 8. Investments in Government-Sponsored Enterprises - PDF version
- Note 9. Other Assets - PDF version
- Note 10. Accounts Payable - PDF version
- Note 11. Federal Debt Securities Held by the Public and Accrued Interest - PDF version
- Note 12. Federal Employee and Veteran Benefits Payable - PDF version
- Note 13. Environmental and Disposal Liabilities - PDF version
- Note 14. Benefits Due and Payable - PDF version
- Note 15. Insurance and Guarantee Program Liabilities - PDF version
- Note 16. Other Liabilities - PDF version
- Note 17. Collections and Refunds of Federal Revenue - PDF version
- Note 18. Contingencies - PDF version
- Note 19. Commitments - PDF version
- Note 20. Funds from Dedicated Collections - PDF version
- Note 21. Fiduciary Activities - PDF version
- Note 22. Social Insurance - PDF version
- Note 23. Long-Term Fiscal Projections - PDF version
- Note 24. Stewardship Land and Heritage Assets - PDF version
- Note 25. Subsequent Events - PDF version
- Required Supplementary Information (Unaudited) - PDF version
- The Sustainability of Fiscal Policy - PDF version
- Social Insurance - PDF version
- Deferred Maintenance and Repairs - PDF version
- Other Claims for Refunds - PDF version
- Tax Assessments - PDF version
- Federal Oil and Gas Resources - PDF version
- Federal Natural Resources Other than Oil and Gas - PDF version
- Other Information (Unaudited) - PDF version
- Tax Burden - PDF version
- Tax Gap - PDF version
- Unmatched Transactions and Balances - PDF version
- Required Supplementary Stewardship Information (Unaudited) - PDF version
- Appendices
- Appendix A: Reporting Entity - PDF version
- Appendix B: Acronyms - PDF version
- U.S. Government Accountability Office Independent Auditor's Report - PDF version
- List of Social Insurance Charts - PDF version
- Related Resources
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