Social Security Trust Fund Depletion Date Moves Up to Late 2032
The Old Age and Survivors Insurance (OASI) trust fund is now projected to be depleted by late 2032, three months earlier than the June 2025 estimate, according to the Social Security Administration's annual trustees report released Tuesday.
If the fund is exhausted, Social Security would only be able to pay 78% of retirement benefits.
The updated timeline follows the enactment of President Donald Trump's tax law. The Social Security chief actuary stated in an August letter that the legislation would have "material effects" on the trust funds' financial status, specifically due to its impact on the income taxation of Social Security benefits.
Combined Trust Funds Outlook
When the OASI trust fund is combined with the Disability Insurance trust fund, full benefits could be paid until the third quarter of 2034. After that point, 83% of benefits would still be payable. This combined estimate remains unchanged from the prior trustees report.