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Social Security Trust Fund Depletes by 2032, 22% Cuts Loom

7/12/2026

22 5 Full Breakdown

Summary

Story summary

Trustees warn the Social Security trust fund will be exhausted by end of 2032, causing a 22% benefit cut.
After 2032, payroll taxes are projected to fund only 78% of scheduled benefits.
The full retirement age rose from 65 to 67, so claiming at 62 now cuts benefits by 30% instead of 20%.
Some officials have suggested raising the retirement age to close the funding gap, but no plan exists.

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Story summary

Trustees warn the Social Security trust fund will be exhausted by end of 2032, causing a 22% benefit cut.
After 2032, payroll taxes are projected to fund only 78% of scheduled benefits.
The full retirement age rose from 65 to 67, so claiming at 62 now cuts benefits by 30% instead of 20%.
Some officials have suggested raising the retirement age to close the funding gap, but no plan exists.