Social Security's Backup Fund Runs Out in 2032, Forcing 22% Automatic Benefit Cut Without Congress Acting

The Old-Age and Survivors Insurance Trust Fund—the buffer funding Social Security—exhausts in Q4 2032. When it does, incoming payroll taxes cover only 78% of scheduled benefits, triggering an automatic 22% cut for all retirees unless lawmakers intervene. The depletion date moved up one year from the 2024 projection, reflecting the widening gap between what workers pay in and what beneficiaries are owed.