Social Security to run short of funds by 2032

The Congressional Insider - America’s main retirement fund faces a hard date: the Social Security old-age fund is projected to run short in late 2032, triggering across-the-board cuts if Congress does nothing. Trustees project the old-age fund will deplete in the fourth quarter of 2032. After depletion, incoming taxes would cover about 78% of promised benefits. The system’s 75-year shortfall grew to 4.42% of taxable wages, showing rising strain. Lawmakers split on fixes: benefit trims, tax hikes on the wealthy, or a mix.