A new report compiled by the trustees who oversee Social Security projects that the program, which issues payments to millions of retired and disabled Americans, will run out of money to issue full benefit payments by 2032 — a year earlier than previously projected.
The trustees, which include Treasury Secretary Scott Bessent, Health Secretary Robert F. Kennedy Jr. and acting Labor Secretary Keith Sonderling, suggested that fewer immigrants and low fertility rates would exacerbate Social Security’s financial issues over the next decade. Both would shrink the number of working-aged people paying into the program.
The report also states that as a result of the “One Big Beautiful Bill,” Trump’s tax legislation last year, less income tax will be paid on Social Security benefits. Therefore, the program’s trust fund will “receive lower levels of revenue in the future from income taxation of Social Security benefits.”