Trump Said He Wouldn’t Cut Social Security. So Why Is Its Financial Outlook Getting Worse?

Social Security’s retirement trust fund is now projected to deplete its reserves in 2032. That doesn’t mean benefits disappear, but without congressional action, incoming revenue would cover only about 78% of scheduled benefits. YousufDean/Shutterstock

President Donald Trump has repeatedly said he wants to protect Social Security rather than cut retirees’ benefits, yet the program’s latest financial report contains some uncomfortable numbers. The 2026 Social Security Trustees Report projects that the retirement and survivor trust fund will exhaust its reserves in the fourth quarter of 2032, earlier than the 2033 projection in last year’s report.

Here are some key reasons why the Social Security Administration’s financial outlook can deteriorate even without Congress voting to cut monthly checks.