Story perspectives

Social Security Shortfall Could Slash Benefits by 24% by 2032

3/23/2026

Summary

Story summary

Social Security faces a funding shortfall by 2032 that could trigger a 24% benefits cut for millions if Congress does not act.
Experts say lawmakers may delay action until the last minute, limiting timely solutions.
Combining the retirement and disability trust funds could extend depletion to 2034.
An alternative policy could target younger retirees while exempting low-net-worth individuals and disability beneficiaries, and research shows across-the-board cuts are avoidable.

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Story summary

Social Security faces a funding shortfall by 2032 that could trigger a 24% benefits cut for millions if Congress does not act.
Experts say lawmakers may delay action until the last minute, limiting timely solutions.
Combining the retirement and disability trust funds could extend depletion to 2034.
An alternative policy could target younger retirees while exempting low-net-worth individuals and disability beneficiaries, and research shows across-the-board cuts are avoidable.