Social Security Payments Predicted to Be Cut in 2032

Social Security payments predicted to be cut in 2032

The Congressional Budget Office now estimates that the Social Security retirement trust fund will run out of money in 2032.

Year Funds For Social Security Payments Will Run Out Revealed In New Congressional Report

Social Security’s retirement fund is running out of money faster than previously expected, according to a new report released by the Congressional Budget Office (CBO). The updated projections indicate that the Old-Age and Survivors Insurance (OASI) trust fund, which funds retirement benefits, is now projected to be exhausted in fiscal year 2032.This marks a one-year acceleration from the CBO’s previous forecast and raises concerns about the fina…