Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2020, and 2019
Statements of Social Insurance and Changes in Social Insurance Amounts
SOSI provides estimates of the status of the most significant social insurance programs: Social Security, Medicare, Railroad Retirement, and Black Lung.2 They are administered by SSA, HHS, RRB, and DOL, respectively. The SSA and HHS projections are based on the intermediate economic and demographic assumptions representing the Trustees’ reasonable estimates of likely future economic and demographic conditions, as set forth in the applicable Social Security and Medicare Trustees’ Reports as well as in the financial statements of HHS and SSA. RRB’s projections are based on assumptions from the 27th Valuation on the Assets and Liabilities Under the Railroad Retirement Acts of December 31, 2016, the 2020 Annual Report on the Railroad Retirement System required by Section 502 of the Railroad Retirement Solvency Act of 1983, as well as in RRB’s financial statements and DOL’s projections are based on assumptions disclosed in its financial statements.
Note 23—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 SOSI reports the General Fund transfers for the estimated future revenue of Medicare Part B and D which are consistent with the entities’ financial statements and, by accounting convention, such General Fund transfers are eliminated in the consolidation of the SOSI at the government-wide level.
The SCSIA show two reconciliations: 1) change from the period beginning on January 1, 2019 to the period beginning on January 1, 2020; and 2) change from the period beginning on January 1, 2018 to the period beginning on January 1, 2019. It reconciles the changes (between the current valuation and the prior valuation) in the PV of estimated future revenue less estimated future expenditures for current and future participants (the open group measure) over the next 75 years (except Black Lung which has a rolling 25-year projection period through September 20, 2045). The reconciliation identifies several components of the changes that are significant and provides reasons for the changes in Note 23.
2In relation to the amounts presented in the SOSI and SCSIA, because the combined Railroad Retirement and Black Lung programs account for less than one-quarter of 1 percent of the statement totals, they are not material from the government-wide perspective.
United States Government Statements of Social Insurance
United States Government
Statements of Social Insurance (Note 23)
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
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| (In trillions of dollars) | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| 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) | 1.7 | 1.5 | 1.5 | 1.4 | 1.3 |
| Participants who have not attained eligibility age | 35.2 | 33.6 | 31.6 | 30.2 | 29.3 |
| Future participants | 37.0 | 35.3 | 31.8 | 30.5 | 29.7 |
| All current and future participants | 73.9 | 70.4 | 64.9 | 62.1 | 60.3 |
| Expenditures for Scheduled Future Benefits for: | |||||
| Participants who have attained eligibility age (age 62 and over) | (18.3) | (16.9) | (15.9) | (14.7) | (13.6) |
| Participants who have not attained eligibility age | (59.8) | (55.8) | (52.2) | (50.2) | (48.4) |
| Future participants | (15.5) | (14.5) | (13.0) | (12.6) | (12.4) |
| All current and future participants | (93.6) | (87.2) | (81.1) | (77.5) | (74.4) |
| Present value of future expenditures in excess of future revenue | (19.7)1 | (16.8)2 | (16.2)3 | (15.4)4 | (14.1)5 |
| Federal Hospital Insurance (Medicare Part A):11 | |||||
| Revenue (Contributions and Dedicated Taxes) from: | |||||
| Participants who have attained eligibility age (age 65 and over) | 0.6 | 0.6 | 0.5 | 0.5 | 0.5 |
| Participants who have not attained eligibility age | 12.5 | 12.0 | 11.3 | 10.6 | 10.2 |
| Future participants | 12.5 | 11.8 | 11.0 | 10.6 | 10.0 |
| All current and future participants | 25.6 | 24.4 | 22.8 | 21.7 | 20.7 |
| Expenditures for Scheduled Future Benefits for: | |||||
| Participants who have attained eligibility age (age 65 and over) | (6.1) | (5.3) | (5.0) | (4.5) | (4.3) |
| Participants who have not attained eligibility age | (20.1) | (20.0) | (18.6) | (17.2) | (16.8) |
| Future participants | (4.2) | (4.5) | (3.9) | (3.5) | (3.4) |
| All current and future participants | (30.4) | (29.8) | (27.5) | (25.2) | (24.5) |
| Present value of future expenditures in excess of future revenue | (4.8)1 | (5.4)2 | (4.7)3 | (3.5)4 | (3.8)5 |
| Federal Supplementary Medical Insurance (Medicare Part B):11 | |||||
| Revenue (Premiums) from: | |||||
| Participants who have attained eligibility age (age 65 and over) | 1.7 | 1.5 | 1.3 | 1.1 | 1.0 |
| Participants who have not attained eligibility age | 9.3 | 7.5 | 6.6 | 5.9 | 5.3 |
| Future participants | 2.5 | 1.9 | 1.5 | 1.4 | 1.2 |
| General Fund Transfers | 33.1 | 28.8 | 25.1 | 22.4 | 20.0 |
| All current and future participants | 46.6 | 39.7 | 34.5 | 30.8 | 27.5 |
| Expenditures for Scheduled Future Benefits for: | |||||
| Participants who have attained eligibility age (age 65 and over) | (6.2) | (5.8) | (5.2) | (4.5) | (4.0) |
| Participants who have not attained eligibility age | (31.8) | (27.3) | (23.9) | (21.4) | (19.2) |
| Future participants | (8.6) | (6.6) | (5.4) | (4.9) | (4.3) |
| All current and future participants | (46.6) | (39.7) | (34.5) | (30.8) | (27.5) |
| Eliminations | (33.1) | (28.8) | (25.1) | (22.4) | (20.0) |
| Present value of future expenditures in excess of future revenue (after eliminations)6 | (33.1)1 | (28.8)2 | (25.1)3 | (22.4)4 | (20.0)5 |
| The accompanying notes are an integral part of these financial statements. | |||||
United States Government
Statements of Social Insurance (Note 23), continued
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
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| (In trillions of dollars) | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| 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 | 0.2 | 0.3 | 0.3 | 0.3 |
| Participants who have not attained eligibility age | 2.0 | 2.1 | 2.1 | 2.1 | 2.2 |
| Future participants | 0.9 | 0.9 | 0.8 | 0.8 | 1.0 |
| General Fund Transfers | 7.8 | 8.0 | 7.9 | 7.6 | 8.7 |
| All current and future participants | 11.0 | 11.2 | 11.1 | 10.8 | 12.2 |
| Expenditures for Scheduled Future Benefits for: | |||||
| Participants who have attained eligibility age (age 65 and over) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) |
| Participants who have not attained eligibility age | (7.0) | (7.2) | (7.2) | (6.9) | (7.6) |
| Future participants | (3.0) | (3.0) | (2.9) | (2.9) | (3.6) |
| All current and future participants | (11.0) | (11.2) | (11.1) | (10.8) | (12.2) |
| Eliminations | (7.8) | (8.0) | (7.9) | (7.6) | (8.7) |
| Present value of future expenditures in excess of future revenue (after eliminations) 6 | (7.8)1 | (8.0)2 | (7.9)3 | (7.6)4 | (8.7)5 |
| Other: | |||||
| Present value of future expenditures in excess of future revenues 7 | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) |
| Total present value of future expenditures in excess of future revenue8, 9, 10 | (65.5) | (59.1) | (54.0) | (49.0) | (46.7) |
| The accompanying notes are an integral part of these financial statements. | |||||
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| United States Government Statements of Social Insurance (Note 23), continued Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections |
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| (In trillions of dollars) | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Social Insurance Summary:11 | |||||
| Participants who have attained eligibility age: | |||||
| Revenue (e.g., contributions and dedicated taxes) | 4.3 | 3.8 | 3.6 | 3.3 | 3.1 |
| Expenditures for scheduled future benefits | (31.6) | (29.1) | (27.2) | (24.8) | (23.0) |
| Present value of future expenditures in excess of future revenue | (27.3) | (25.3) | (23.6) | (21.5) | (19.9) |
| Participants who have not attained eligibility age: | |||||
| Revenue (e.g., contributions and dedicated taxes) | 59.0 | 55.2 | 51.6 | 48.8 | 47.0 |
| Expenditures for scheduled future benefits | (118.7) | (110.3) | (101.9) | (95.7) | (92.0) |
| Present value of future expenditures in excess of future revenue | (59.7) | (55.1) | (50.3) | (46.9) | (45.0) |
| Closed-group - Total present value of future expenditures in excess of future revenue | (87.0) | (80.4) | (73.9) | (68.4) | (64.9) |
| Future Participants: | |||||
| Revenue (e.g., contributions and dedicated taxes) | 52.9 | 49.9 | 45.1 | 43.3 | 41.9 |
| Expenditures for scheduled future benefits | (31.4) | (28.6) | (25.2) | (23.9) | (23.7) |
| Present value of future revenue in excess of future expenditure | 21.5 | 21.3 | 19.9 | 19.4 | 18.2 |
| Open-group - Total present value of future expenditures in excess of future revenue | (65.5) | (59.1) | (54.0) | (49.0) | (46.7) |
| 1 The projection period for Social Security and Medicare is 1/1/2020-12/31/2094 and the valuation date is 1/1/2020. | |||||
| 2The projection period for Social Security and Medicare is 1/1/2019-12/31/2093 and the valuation date is 1/1/2019. | |||||
| 3 The projection period for Social Security and Medicare is 1/1/2018-12/31/2092 and the valuation date is 1/1/2018. | |||||
| 4 The projection period for Social Security and Medicare is 1/1/2017-12/31/2091 and the valuation date is 1/1/2017. | |||||
| 5 The projection period for Social Security and Medicare is 1/1/2016-12/31/2090 and the valuation date is 1/1/2016. | |||||
| 6 These amounts represent the PV of the future transfers from the General Fund to the SMI Trust Fund. These future intra-governmental transfers are included as income in both HHS’ and the CMS’s Financial Reports but, by accounting convention, are not income from the government-wide perspective of this report. | |||||
| 7 Includes Railroad Retirement and Black Lung. | |||||
| 8 These amounts do not include the PV 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 government-wide perspective of this report. (See discussion of RRP in the unaudited RSI section of this report). | |||||
| 9Does not include interest expense accruing on the outstanding debt of the BLDTF. | |||||
| 10For 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. Amounts shown exclude the General Fund transfers for Medicare's Parts B and D. | |||||
The accompanying notes are an integral part of these financial statements. |
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- Current Report: Fiscal Year 2020 - PDF version
- 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
- Statement 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 Receivable, Net - PDF version
- Note 4. Direct Loans and Loan Guarantees Receivable, Net and Loan Guarantees Liability - PDF version
- Note 5. Inventory and Related Property, Net - PDF version
- Note 6. General Property, Plant, and Equipment, Net - PDF version
- Note 7. Securities and Investments - PDF version
- Note 8. Investments in Special Purpose Vehicles - PDF version
- Note 9. Investments in Government-Sponsored Enterprises - PDF version
- Note 10. Other Assets - PDF version
- Note 11. Accounts Payable - PDF version
- Note 12. Federal Debt and Interest Payable - PDF version
- Note 13. Federal Employee and Veteran Benefits Payable - PDF version
- Note 14. Environmental and Disposal Liabilities - PDF version
- Note 15. Benefits Due and Payable - PDF version
- Note 16. Insurance and Guarantee Program Liabilities - PDF version
- Note 17. Other Liabilities - PDF version
- Note 18. Collections and Refunds of Federal Revenue - PDF version
- Note 19. Commitments - PDF version
- Note 20. Contingencies - PDF version
- Note 21. Funds from Dedicated Collections - PDF version
- Note 22. Fiduciary Activities - PDF version
- Note 23. Social Insurance - PDF version
- Note 24. Long-Term Fiscal Projections - PDF version
- Note 25. Stewardship Property, Plant, and Equipment - PDF version
- Note 26. Disclosure Entities and Related Parties - PDF version
- Note 27. Public-Private Partnerships - PDF version
- Note 28. COVID-19 Activity - PDF version
- Note 29. 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
- Tax Expenditures - PDF version
- Unmatched Transactions and Balances - PDF version
- Appendices
- Appendix A: Reporting Entity - PDF version
- Appendix B: Glossary of Acronyms - PDF version
- U.S. Government Accountability Office Independent Auditor's Report - PDF version
- Related Resources
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