The 2032 Countdown: Social Security's Math Problem

The June 2026 Trustees Report projects that Social Security's retirement trust fund will be depleted in the fourth quarter of 2032, after which 78 percent of benefits would be payable — an automatic 22 percent cut — while the combined funds reach 2034 at 83 percent. The 75-year shortfall is 4.42 percent of payroll, driven by fertility, immigration and recent tax cuts, and a bipartisan commission bill is before the House.