Social Security fund to run dry in 2032, automatic cuts loom

(The Center Square) – Social Security's retirement trust fund will be depleted in 2032, triggering an automatic 22% reduction in benefits for about 70 million Americans unless Congress acts, federal trustees warned Tuesday.

Social Security paid $1.6 trillion in benefits to 70 million Americans in 2025. The program provides a majority of income for 43% of older Americans, more than 25 million families, according to AARP, an advocacy organization representing older Americans. Any reduction would apply across the board to all beneficiaries.