Social Security is facing a funding gap that could force a major change by 2032 unless Congress takes action. Payroll taxes remain the program’s primary source of funding, but Social Security now pays more in benefits than it collects through those taxes as the number of retirees grows.
The program is using its retirement trust fund to cover the difference, but the trust fund is projected to run out in 2032. At that point, benefits could be cut by about 22%.
