Correction: This story originally misstated how much money Social Security's retirement fund earned and how much it cost in 2025. The story has been updated. We regret the error.
Americans' Social Security benefits will have to be cut by roughly a quarter in six years due to depleted funds, according to a June 9 report from the Social Security Board of Trustees. That's months sooner than the group had estimated in 2025.
For years, the trustees and experts have been warning about Social Security's unstable financial footing. An aging population, low birth rates and worsening income inequality have driven the program to pay out more in benefits than it takes in from taxes.
"The program has been paying out more in benefits, more than it takes in in revenues, and that creates the financing gap that can't go on forever," said Shai Akabas, vice president of economic policy at the Bipartisan Policy Center.
But the sooner-than-expected shortfall was driven in part by President Donald Trump's tax and spending cut bill and his restrictive immigration policies, the trustees said.
