The Economic Times

Millions at risk as CBO warns Social Securitys main trust fund could run out sooner

Social Securitys trust fund is now projected to run out in 2032. That is one year earlier than expected. The Social Security depletion date matters for nearly 70 million Americans. After insolvency, benefits could drop by 28%. Payroll taxes would cover only about 72% of payments. Lawmakers face pressure to reform retirement benefits, payroll taxes, and the funding gap before automatic cuts hit seniors.