Social Security trustees project benefit fund reserves could run out in 2032

Social Security’s retirement and survivor benefit fund is projected to deplete its asset reserves by the fourth quarter of 2032, according to the latest trustees report cited in the source material.

The program is not projected to go bankrupt because payroll taxes continue to bring in revenue. But if reserves are exhausted, trustees estimate benefit cuts of up to 22% may be needed to sustain payments through 2100.

The program faces a projected $29.3 trillion unfunded obligation over 75 years. The taxable wage cap for Social Security payroll taxes is $184,500 in 2026, and a prior Social Security actuary analysis found that taxing all earnings would add 35 years of trust fund solvency but would not close the full long-term gap.

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