Social Security’s trustees report said the program is on track to become insolvent by the end of 2032, when the program’s beneficiaries will get a 22% cut in their monthly checks.

Social Security guarantees income to over 70 million Americans. Across-the-board benefit cuts would significantly impact retirees, disabled workers and survivors, especially amid rising living costs.

Social Security keeps more Americans out of poverty than any other program in the U.S., according to the Center on Budget and Policy Priorities, a left-leaning think tank.

In last year’s report, the program’s trustees projected that the Old-Age and Survivors Insurance fund, which pays benefits to retirees and survivors of deceased workers, would be depleted in 2033. In August, the agency moved the insolvency date to the end of 2032, citing the One Big Beautiful Bill Act’s effect on taxation of benefits.

On Tuesday, the Social Security Administration said the agency would pay 78% of benefits upon insolvency.

Social Security has long faced funding pressures, though the projected trust fund depletion date shifts from year to year as economic and demographic factors change. The core challenge is an aging U.S. population: More Americans are collecting benefits, while fewer workers support the program through payroll taxes, forcing Social Security to draw down its trust funds.

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