Social Security's trustees project insolvency by end of 2032, triggering a 22% cut in benefits for over 70 million Americans. - The insolvency date moved from 2033 to 2032 due to the One Big Beautiful Bill Act.
- Upon insolvency, the agency would pay only 78% of promised benefits. - Proposals to address the shortfall include raising the retirement age or increasing payroll tax revenue.
The program will continue to receive payroll tax revenue, but reduced payments could cause financial hardship for millions.