Social Security Trust Fund Faces Depletion by 2032
The Social Security Administration’s annual trustees report indicates that the trust fund used for retirement benefits may be depleted in late 2032, three months earlier than previously projected. This revised timeline is attributed, in part, to the financial impacts of the recent tax law on Social Security benefit taxation. While the OASI trust fund alone faces depletion, when combined with disability insurance, full benefits are still expected to be payable until the third quarter of 2034, after which 83% of benefits could be disbursed.
John Q. Hosedrinker