Social Security is expected to deplete the fund that helps pay out retirement benefits by late 2032, the program’s trustees said Tuesday.
That is earlier than their projection last year of 2033, partly because the fund expects to collect less revenue after President Trump’s new tax law. Passed last summer, the law gave senior citizens an extra deduction that reduced taxes on benefits for many Social Security recipients. . .
Unless Congress shores up the retirement program, the depletion of reserves would trigger a 22% reduction in benefits in late 2032. Because incoming payroll tax revenue doesn’t fully cover promised benefits, the program is forced to make up the difference by pulling money from its two Social Security trust funds—one for disability benefits and the other for the larger program for retirees…
"Social Security Will Start Running Out Earlier Than Expected" https://t.co/c9X74I9lvM pic.twitter.com/fvWj2vcW9O
— Scott Lincicome (@scottlincicome) June 9, 2026
Leave a Reply
You must be logged in to post a comment.