Social Security retirement trust fund will be exhausted by 2032, trustees say

Social Security trustees projected on Tuesday that the retirement trust fund will be exhausted by 2032, which is earlier than previous expectations. This depletion means senior citizens could face benefit cuts unless Congress acts to patch the system. The report highlights long-term challenges facing these entitlement programs, warning that the fund helping to finance benefits could run short in less than seven years if no legislative action is taken to address the current financial shortfall.