The U.S. Social Security trust ⁠fund ⁠relied on by millions ⁠of American retirees will run out of money in ​late 2032 - earlier than previously forecast in part because of President Donald Trump's ‌signature tax law enacted last ‌year,

Social Security ’s retirement trust fund is projected to face a funding shortfall in 2032, a year earlier than last year’s projections, according to an annual report released Tuesday, while Medicare ’s hospital insurance trust fund will be unable to pay full benefits in 2033,

The Social Security Administration told Congress on Tuesday that the trust fund to pay retirement benefits could run out in late 2032.

A trust fund that helps to finance Social Security benefits is expected to run out of money in less than seven years — unless Congress acts to patch the system before that.

Social Security’s retirement “trust fund” is going from bad to worse. A new estimate from the program’s Trustees projects it to run out of money at the end of 2032, one quarter earlier than forecast last year.

Right before leaving office in 2025, President Joe Biden signed an expansion of Social Security benefits for retired gov

Social Security is a pay-as-you-go system, with money coming in primarily from payroll taxes and then flowing out to pay benefits. Reserves that had built up over time are close t

The shortfall will be driven in part by a drop in immigration and Trump’s tax cuts, trustees say, resulting in trimmed benefits.