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Financial Report of the United States Government

Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2021, and 2020

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 28th Actuarial Valuation on the Assets and Liabilities Under the Railroad Retirement Acts of December 31, 2019, as well as in RRB’s financial statements and DOL’s projections are based on assumptions disclosed in its financial statements.

The SCSIA show two reconciliations: 1) change from the period beginning on January 1, 2020 to the period beginning on January 1, 2021; and 2) change from the period beginning on January 1, 2019 to the period beginning on January 1, 2020. 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 30, 2046). The reconciliation identifies several components of the changes that are significant and provides reasons for the changes in Note 25—Social Insurance.

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 1.0 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 25)
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections

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(In trillions of dollars) 2021 2020 2019 2018 2017
 
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) 1.8 1.7 1.5 1.5 1.4
Participants who have not attained eligibility age 37.5 35.2 33.6 31.6 30.2
Future participants 39.3 37.0 35.3 31.8 30.5
All current and future participants 78.6 73.9 70.4 64.9 62.1
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 62 and over) (19.8) (18.3) (16.9) (15.9) (14.7)
Participants who have not attained eligibility age (64.9) (59.8) (55.8) (52.2) (50.2)
Future participants (16.6) (15.5) (14.5) (13.0) (12.6)
All current and future participants (101.3) (93.6) (87.2) (81.1) (77.5)
Present value of future expenditures in excess of future revenue (22.7)1 (19.7)2 (16.8)3 (16.2)4 (15.4)5
 
Federal Hospital Insurance (Medicare Part A):11
Revenue (Contributions and Dedicated Taxes) from:
Participants who have attained eligibility age (age 65 and over) 0.7 0.6 0.6 0.5 0.5
Participants who have not attained eligibility age 13.0 12.5 12.0 11.3 10.6
Future participants 13.0 12.5 11.8 11.0 10.6
All current and future participants 26.7 25.6 24.4 22.8 21.7
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 65 and over) (6.2) (6.1) (5.3) (5.0) (4.5)
Participants who have not attained eligibility age (20.9) (20.1) (20.0) (18.6) (17.2)
Future participants (4.6) (4.2) (4.5) (3.9) (3.5)
All current and future participants (31.7) (30.4) (29.8) (27.5) (25.2)
Present value of future expenditures in excess of future revenue  (5.0)1   (4.8)2   (5.4)3  (4.7)4   (3.5)5
 
Federal Supplementary Medical Insurance (Medicare Part B):11
Revenue (Premiums) from:
Participants who have attained eligibility age (age 65 and over) 1.9 1.7 1.5 1.3 1.1
Participants who have not attained eligibility age 10.0 9.3 7.5 6.6 5.9
Future participants 2.6 2.5 1.9 1.5 1.4
General Fund transfers 35.5 33.1 28.8 25.1 22.4
All current and future participants 50.0 46.6 39.7 34.5 30.8
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 65 and over) (6.9) (6.2) (5.8) (5.2) (4.5)
Participants who have not attained eligibility age (34.1) (31.8) (27.3) (23.9) (21.4)
Future participants (9.0) (8.6) (6.6) (5.4) (4.9)
All current and future participants (50.0) (46.6) (39.7) (34.5) (30.8)
Eliminations (35.5) (33.1) (28.8) (25.1) (22.4)
Present value of future expenditures in excess of future revenue (after eliminations)6  (35.5)1   (33.1)2   (28.8)3   (25.1)4   (22.4)5 
The accompanying notes are an integral part of these financial statements.

United States Government
Statements of Social Insurance (Note 25), continued
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections

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(In trillions of dollars) 2021 2020 2019 2018 2017
 
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 0.2 0.3 0.3
Participants who have not attained eligibility age 2.0 2.0 2.1 2.1 2.1
Future participants 0.9 0.9 0.9 0.8 0.8
General Fund transfers 7.7 7.8 8.0 7.9 7.6
All current and future participants 10.9 11.0 11.2 11.1 10.8
Expenditures for Scheduled Future Benefits for:
Participants who have attained eligibility age (age 65 and over) (1.1) (1.0) (1.0) (1.0) (1.0)
Participants who have not attained eligibility age (6.9) (7.0) (7.2) (7.2) (6.9)
Future participants (2.9) (3.0) (3.0) (2.9) (2.9)
All current and future participants (10.9) (11.0) (11.2) (11.1) (10.8)
Eliminations (7.7) (7.8) (8.0) (7.9) (7.6)
Present value of future expenditures in excess of future revenue (after eliminations) 6 (7.7)1 (7.8)2 (8.0)3 (7.9)4 (7.6)5
 
Other:
Present value of future expenditures in excess of future revenue 7 (0.1) (0.1) (0.1) (0.1) (0.1)
 
Total present value of future expenditures in excess of future revenue8, 9, 10 (71.0) (65.5) (59.1) (54.0) (49.0)
The accompanying notes are an integral part of these financial statements.

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United States Government
Statements of Social Insurance (Note 25), continued
Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections
(In trillions of dollars) 2021 2020 2019 2018 2017
 
Social Insurance Summary:11
Participants who have attained eligibility age:
Revenue (e.g., contributions and dedicated taxes) 4.7 4.3 3.8 3.6 3.3
Expenditures for scheduled future benefits (34.0) (31.6) (29.1) (27.2) (24.8)
Present value of future expenditures in excess of future revenue (29.3) (27.3) (25.3) (23.6) (21.5)
Participants who have not attained eligibility age:
Revenue (e.g., contributions and dedicated taxes) 62.5 59.0 55.2 51.6 48.8
Expenditures for scheduled future benefits (126.8) (118.7) (110.3) (101.9) (95.7)
Present value of future expenditures in excess of future revenue (64.3) (59.7) (55.1) (50.3) (46.9)
 
Closed-group - Total present value of future expenditures in excess of future revenue (93.6) (87.0) (80.4) (73.9) (68.4)
 
Future Participants:
Revenue (e.g., contributions and dedicated taxes) 55.8 52.9 49.9 45.1 43.3
Expenditures for scheduled future benefits (33.2) (31.4) (28.6) (25.2) (23.9)
Present value of future revenue in excess of future expenditure 22.6 21.5 21.3 19.9 19.4
 
Open-group - Total present value of future expenditures in excess of future revenue (71.0) (65.5) (59.1)  (54.0) (49.0)
1 The projection period for Social Security and Medicare is 1/1/2021 - 12/31/2095 and the valuation date is 1/1/2021.
2 The projection period for Social Security and Medicare is 1/1/2020 - 12/31/2094 and the valuation date is 1/1/2020.
3 The projection period for Social Security and Medicare is 1/1/2019 - 12/31/2093 and the valuation date is 1/1/2019.
4 The projection period for Social Security and Medicare is 1/1/2018 - 12/31/2092 and the valuation date is 1/1/2018.
5 The projection period for Social Security and Medicare is 1/1/2017 - 12/31/2091 and the valuation date is 1/1/2017.
6 These amounts represent the PV of the future transfers from the General Fund to the SMI Trust Funds. These future intra-governmental transfers added are included as income in both HHS’s and the CMS’s financial statements 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 RRB in the unaudited RSI section of this report).
9Does not include interest expense accruing on the outstanding debt of the BLDTF.
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. Amounts shown exclude 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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Last modified 03/08/22