The 2026 Social Security Trustees Report, released on 9 June 2026, projects the retirement and survivors (OASI) trust fund will run out of reserves in the four…
Franklin D. Roosevelt signed the Social Security Act. Workers and employers would pay a payroll tax to fund old-age benefits.
With the fund months from trouble, Congress raised taxes, taxed some benefits and lifted the retirement age to 67.
Since 2021 Social Security has paid out more than it takes in, even counting interest. Reserves are shrinking.
The retirement fund runs out of reserves in the fourth quarter of 2032. The 75-year gap hit 4.42% of payroll.
Lower assumed birth rates, lower immigration and the 2025 tax law's senior deduction all cut future income.
CBO also sees the retirement fund exhausted in fiscal 2032, with a slightly bigger gap of 4.6% of payroll.
Six senators want a forced up-or-down vote on a 50-year fix. Democrats would tax pay above $400,000.
Checks keep coming, but incoming taxes cover only about 78% of scheduled benefits, an automatic 22% cut.
Raise the tax cap or rate, raise the retirement age, change the formula or COLA, or mix them as in 1983.
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