The trust fund to pay retirement benefits could run out in late 2032, the Social Security Administration said Tuesday. File Photo by Bonnie Cash/UPI | License Photo
June 9 (UPI) -- The Social Security Administration told Congress on Tuesday that the trust fund to pay retirement benefits could run out in late 2032, which is three months earlier than it was projected to in its last report in June 2025.
The money that funds payments comes from payroll taxes, but when more money is paid out than is brought in, the trust fund makes up the difference. The administration released its annual trustees report Tuesday.
The report said that if the fund gets depleted, Social Security will be able to pay only 78% of its retirement benefits.
The OASI trust fund, which was once known as Old Age and Survivors Insurance, may be able to pay full benefits until the third quarter of 2034 if it's combined with the disability insurance trust fund. Under that plan, 83% of benefits will be payable after that day, according to the new report. That estimate is unchanged from the prior trustees report.
