Social Security retirement trust fund depletion projected for late 2032, three months earlier than prior estimate
By
Lorie Konish
Master baker tier. Every paragraph earns its place on the tray.
Summary
The Social Security Administration's annual trustees report projects that the retirement trust fund may be depleted by late 2032, three months earlier than previously estimated. If the fund runs out, Social Security would only be able to pay 78% of retirement benefits. The program relies on payroll tax revenue and trust funds to cover shortfalls when benefit payments exceed income.
Key quotes
· 3 pulledA Social Security trust fund used to pay retirement benefits may run out in late 2032, three months earlier than what had been projected last June.
The report said that if the fund is depleted as projected, Social Security will only be able to pay 78% of retirement benefits.
Social Security uses incoming revenue from payroll taxes to pay benefits. When benefit payments exceed payroll tax income, the program relies on the trust funds to help make up the shortfall.
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