when will social security run out

Social Security's retirement trust fund is projected to become insolvent by late 2032, meaning it will deplete its reserves and no longer be able to pay full scheduled benefits from that point forward. At insolvency, the benefits would automatically be cut by about 24 percent across the board if no legislative action is taken to prevent it. This insolvency projection has been updated recently, moving forward from earlier estimates of 2033. Even considering the combined retirement and disability trust funds, the depletion would happen shortly after in 2034. After trust fund depletion, Social Security would still pay benefits but only from incoming payroll taxes, which are estimated to cover about 77% of scheduled benefits at that time. This creates a financial cliff requiring urgent legislative solutions to avoid benefit reductions for millions of Americans relying on Social Security for income.