Social Security Update: Trust Fund, Income, Outgo, and Deficit in Fiscal 2023

October 24, 2023

by Wolf Richter Wolf Street

Contributions jumped 11.8% (more people working, big pay increases). Outgo jumped 12.0% (more people at retirement age and the 8.7% COLA).

Total income from all sources jumped by $111 billion from the prior year, or by 10.7%, to a record $1.15 trillion in the US government fiscal year ended September 30, according to the Social Security Administration (SSA) today (green line in the chart below). By category of income: