Social Security Administration report shows new trust fund depletion dates
A sign for the U.S. Social Security Administration is seen outside its headquarters in Woodlawn, Md., on Thursday, March 20, 2025.
Tom Williams | Cq-roll Call, Inc. | Getty Images
The trust fund Social Security relies on to help pay retirement benefits may run out in 2032, at which point 78% of benefits will be payable, according to the Social Security Administration’s annual trustees report released on Tuesday.
That projected depletion date is one year sooner than had been estimated last spring.
The new projected depletion date follows the enactment of President Donald Trump’s “big beautiful” tax law, which Social Security’s chief actuary said in an August letter would have “material effects” on the financial status of the trust funds since it impacts income taxation of Social Security benefits.
The OASI trust fund – formally known as Old Age and Survivors Insurance, or OASI – if combined with the disability insurance trust fund, may be able to pay full benefits until 2034, when 83% of benefits will be payable, according to the new report.
This is a developing story. Please refresh for updates.