Social Security to run out of money year earlier than projected: trustees

The country's Social Security program is expected to run out of money a year earlier than projected last year, according to the Social Security Board of Trustees on Wednesday.

Last year, the board projected that the combined reserves of the program – otherwise known as the Old-Age and Survivors Insurance and Disability Insurance Trust Funds – would run out in 2035. This year, the board moved the projection up to 2034 for the funds to pay for all scheduled benefits and associated administrative costs, with 81% of benefits payable at that time.

The OASI Trust Fund is projected to be depleted in 2033, which is the same as last year's estimate, with 77% of benefits payable at that time. The DI Trust Fund reserves are not projected to be depleted during the 75-year projection period.

In the trustees' 2025 report to Congress, they stated that the reserves of the two trust funds declined by $67 billion in 2024 to a total of $2.72 trillion, and the total annual cost of the program is expected to exceed total annual income in 2025 and remain higher throughout the 75-year projection period.

"If Congress does not act, combined trust fund reserves are currently projected to become depleted in 2034," the trustees said.

"To ensure we serve the public and deliver high-quality service to the 185 million people who work and pay payroll taxes for Social Security and the 70 million beneficiaries who will receive benefits during 2025, the financial status of the trust funds remains a top priority for the Trump Administration,” Social Security Commissioner Frank Bisignano said in a statement on Wednesday.

“Congress, along with the Social Security Administration and others committed to eliminating waste, fraud, and abuse, must work together to protect and strengthen the trust funds for the millions of Americans who rely on it – now and in the future – for a secure retirement or in the event of a disability."