The Social Security retirement trust fund is now projected to face a funding shortfall in 2032, one year earlier than previously expected, according to reporting by The Washington Post, The New York Times, and other outlets citing a new trustees report.
If Congress does not act before that date, benefits could be cut by roughly 22 percent, according to CBS News.
The trustees report tracks the financial condition of the fund, which pays retirement benefits to tens of millions of Americans. The accelerated timeline puts additional pressure on lawmakers to address the program's long-term finances.
The 2032 projection reflects a shortfall in the fund's dedicated revenue, not a complete elimination of benefits. Even after the projected depletion date, incoming payroll taxes would continue to cover a portion of promised payments. But without legislative action, the gap between what is owed and what is collected would result in automatic reductions.
Congress has addressed Social Security funding crises before. The last major overhaul came in 1983, when lawmakers raised the retirement age and made other adjustments to extend the program's solvency.
No votes or legislation have been scheduled in response to the new report.
