A Social Security card sits alongside checks from the U.S. Treasury in Washington on Oct. 14, 2021. Kevin Dietsch/Getty Images
The trust fund that Social Security uses to pay retirement benefits to tens of millions of Americans could run out by 2032 unless Congress acts, according to an annual trustees report released Thursday.
The Old Age and Survivors Insurance (OASI) Trust Fund “reserves are projected to become depleted in the fourth quarter of 2032, with 78 percent of benefits payable at that time,” the Social Security Administration (SSA) said in a statement Tuesday, while it added that disability insurance “reserves are projected to remain positive throughout the 75-year projection period.”
