WASHINGTON, D.C. (WDNews) – Americans relying on Social Security may need to brace for changes sooner than expected.
The Social Security Board of Trustees now projects that the combined trust funds for retirement and disability benefits could be depleted by 2034, one year earlier than last year’s forecast.
The new estimate, released in the Trustees’ 2025 Annual Report, means that unless Congress takes action, only 81% of scheduled benefits could be paid beginning in 2034. The Old-Age and Survivors Insurance (OASI) Trust Fund remains projected to run out in 2033, while the Disability Insurance (DI) Trust Fund is not expected to be depleted within the next 75 years.
“The financial status of the trust funds remains a top priority for the Trump Administration,” Frank Bisignano, Commissioner of Social Security, said. “Congress, along with the Social Security Administration and others, must work together to protect and strengthen the trust funds for millions of Americans.”
Other key findings from the report include:
- Social Security paid out $1.47 trillion in benefits in 2024 to around 68 million Americans.
- Income to the combined trust funds totaled $1.42 trillion, while expenditures reached $1.48 trillion—resulting in a $67 billion decline in reserves.
- The projected 75-year actuarial deficit has grown to 3.82% of taxable payroll, up from 3.50% in last year’s report.
Despite rising costs, administrative expenses remained low at just 0.5% of total spending. With roughly 184 million Americans paying into Social Security through payroll taxes in 2024, pressure is growing on lawmakers to stabilize the program before automatic benefit cuts begin.
The full report is available at www.socialsecurity.gov/OACT/TR/2025.
