Social Security's Backup Fund Depletes in 2032, Auto-Triggering a 22% Benefit Cut

The Old-Age and Survivors Insurance Trust Fund—Social Security's reserve—runs out in late 2032. Payroll taxes alone will cover only 78% of promised benefits, forcing an automatic 22% cut for all retirees unless Congress acts. The depletion date moved up a year from 2024 projections as the gap widens between worker contributions and benefit obligations.