The Social Security trust fund is projected to run dry by 2032, leading to a 24% reduction in benefits unless Congress intervenes. - The trust fund depletion is driven by demographic shifts, including an aging population and fewer workers per beneficiary.
- Retirees could see a 24% cut in monthly benefits, impacting low-income seniors the most. - Workers planning for retirement may need to save more or delay retirement due to uncertainty.
- Policy options include tax increases, raising the retirement age, or reducing benefits for higher earners, but political gridlock persists. Without legislative action, the shortfall will affect millions of Americans who depend on Social Security for retirement income.