Social Security Could Run Out Of Money In Just 6 Years — Even Sooner Than Originally Feared

A new report from the Congressional Budget Office (CBO) warns that the Social Security Old-Age and Survivors Insurance (OASI) trust fund could be depleted by 2032, which is earlier than previous estimates, largely due to financial changes from recent legislation. Once the trust funds run out, Social Security could still pay benefits from incoming tax revenue, but without Congressional action beneficiaries might face roughly a 20% cut in scheduled payments. Many retirees depend heavily on these benefits, making the program’s financial outlook a pressing issue.