Social Security Turns 91 and Will Be Depleted By 2032, and Other Takeaways From the Trustees
The Social Security Trustees’ annual report on the program’s outlook shows that the largest component of the federal budget is on an unsustainable path. Social Security’s primary trust fund is projected to be depleted by 2032, at which point, benefits for every recipient will be automatically cut by 22 percent, unless reform is enacted. In fact, the depletion date has moved so close that Senators elected in this year’s election will be serving in office when Social Security becomes unable to pay out full benefits.
Below are the key takeaways from today’s report.
1. Social Security’s Old-Age & Survivors Insurance (OASI) Trust Fund is projected to be depleted by 2032, at which point benefits would be reduced by 22 percent.
The program’s Disability Insurance (DI) Trust Fund would not be depleted over the 75-year projection period. Social Security's retirement fund will be depleted in six years
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