Social Security's Combined Trust Funds Are Projected to Be Depleted in 2034, When 83% of Benefits Would Be Payable
The Fact
The 2026 Social Security Trustees Report projects that the combined Old-Age, Survivors, and Disability Insurance trust funds will be depleted in 2034, when 83% of scheduled benefits would still be payable. The retirement (OASI) fund alone is projected to be depleted in late 2032, when 78% would be payable.
What This Means
'Running out' does not mean checks stop. Payroll taxes keep coming in. Under current law, benefits would be cut to what those taxes can pay unless Congress acts.
Why It Matters
The real question is not whether Social Security disappears, but whether Congress fixes the gap before the cut.
Sources
Social Security Administration. Press release on the 2026 Trustees Report, June 9, 2026. https://www.ssa.gov/news/en/press/releases/2026-06-09.html