A report found that Social Security is on track to be insolvent by the end of 2032, and beneficiaries may experience a 22 percent benefit cut if the looming insolvency is not addressed.
Social Security provides guaranteed retirement income to over 70 million Americans. The Center on Budget and Policy Priorities states that Social Security keeps more Americans out of poverty than any other program in the United States.
The 2025 report found that the projected Old-Age and Survivors Insurance fund, which pays benefits to retirees and survivors of deceased workers, would be depleted by 2033. In August, it moved the insolvency date to 2032, citing…
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