Social Security Fund Could Run Out by 2032, According to Report. How Would It Affect Your Benefits?
· Telemundo McAllen (KTLM)
A trust fund for Social Security that pays benefits to tens of millions of Americans could deplete its reserves by the end of 2032, according to a new report released on Tuesday, which could prevent beneficiaries from receiving their full payments. The annual report indicates that the Old-Age and Survivors Insurance Trust Fund, which covers retirees and survivors of deceased workers, may only be able to pay 78% of benefits once its reserves are exhausted. In 2025, the report projected that the retirement trust fund would run out in 2033, but that estimate was later revised to the end of 2032. Social Security provides monthly payments to approximately 71 million beneficiaries in the United States. Social Security is primarily funded through payroll taxes paid by workers and employers. When benefit payments exceed the program's annual income, the Social Security Administration taps into the trust fund reserves to cover the shortfall.
AI summary · Source: Telemundo McAllen (KTLM) →
