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Social Security Trust Funds Deplete by 2033, 22% Cuts Loom

6/18/2026

49 10 Full Breakdown

Summary

Story summary

The U.S. Social Security trust funds will be exhausted by end-2032 for Old-Age and Survivors Insurance and by 2033 overall.
The Trustees’ Report projects an immediate 22% benefit cut and a 16% reduction through 2100, driven by more retirees and fewer payroll-tax contributors.
Officials may raise payroll taxes or eliminate the 2026 $184,500 cap, yet even removing it would not close the gap, risking taxes or reduced savings for Americans.

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Story summary

The U.S. Social Security trust funds will be exhausted by end-2032 for Old-Age and Survivors Insurance and by 2033 overall.
The Trustees’ Report projects an immediate 22% benefit cut and a 16% reduction through 2100, driven by more retirees and fewer payroll-tax contributors.
Officials may raise payroll taxes or eliminate the 2026 $184,500 cap, yet even removing it would not close the gap, risking taxes or reduced savings for Americans.