Social Security Trust Fund Faces 2032 Depletion

The 2026 Social Security Trustees Report warns the Old-Age and Survivors Insurance Trust Fund will be depleted in 2032, three months earlier than last year, driven by a lower fertility rate, reduced immigration, and permanent tax cuts from the One Big Beautiful Bill Act that reduce revenue. After depletion, funds would only cover about 78% of scheduled benefits unless lawmakers act. The disability fund remains solvent through 2100; combining the two funds could extend solvency to 2034 but would require legislative action. The issue is poised to shape the 2028 election as policymakers debate fixes.