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Social Security Fund Faces Depletion by 2032, Experts Warn

2/23/2026

Summary

Story summary

The Congressional Budget Office (CBO) projects the Social Security Old-Age and Survivors Insurance Trust Fund could be depleted by 2032, earlier than estimated.
Experts warn that without sufficient payroll tax revenue, benefits may be significantly cut.
The updated forecast reflects higher inflation that could raise the cost-of-living adjustment (COLA) and hasten depletion.
The Center on Budget and Policy Priorities says the Social Security Administration can pay about 81% of promised benefits after exhaustion.

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Story summary

The Congressional Budget Office (CBO) projects the Social Security Old-Age and Survivors Insurance Trust Fund could be depleted by 2032, earlier than estimated.
Experts warn that without sufficient payroll tax revenue, benefits may be significantly cut.
The updated forecast reflects higher inflation that could raise the cost-of-living adjustment (COLA) and hasten depletion.
The Center on Budget and Policy Priorities says the Social Security Administration can pay about 81% of promised benefits after exhaustion.