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.”
The projected date is one year earlier than what had been forecast by the OASI trust fund last year. In that report, the trustees projected that the OASI fund, which pays benefits to retirees and survivors of deceased workers, would run dry in 2033, saying at the time that only 77 percent of benefits would be payable should it go insolvent….