Social Security's Money Runs Out in 2033—Here's What Happens Next

Social Security's trust fund will run dry in 2033, one year sooner than expected. After that, incoming payroll taxes will cover only 75 percent of benefits. Without Congress acting, every retiree gets an automatic 25 percent cut. That date now falls within the planning window for near-retirees and matters to how investors price long-term bets.