The Social Security Administration faces a funding crisis. Trustees say the projected shortfall in retirement benefits has risen to $25.1 trillion through 2099, up from $22.6 trillion a year ago.

Social Security is on track to deplete its trust funds by 2034, one year sooner than previously forecast, when the federal retirement program will be required to cut monthly benefits by about 20%.

Although Mr. Trump has vowed not to touch Social Security, his administration is has cut the agency's staffing to 50,000 workers, down from its current level of about 57,000 workers.

The Social Security Administration faces a funding crisis. Trustees say the projected shortfall in retirement benefits has risen to $25.1 trillion through 2099, up from $22.6 trillion a year ago.

The Medicare and Social Security trust funds are lurching toward insolvency. Social Security is projected to cover only 81% of benefits by 2034 and Medicare just 89% by 2033.

The Social Security shortfall date just moved a little bit nearer. New federal projections, released on June 18, show that the combined Social Security trust funds will pay 100% of benefits until 2034 ...

Meanwhile, Social Security's trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2034, instead of last year's estimate of 2035.

About 68 million people received monthly Social Security benefits in 2024, and Medicare provides health insurance coverage to 67.6 million people. Both the Social Security and Medicare programs ...

Social Security is on track to deplete its trust funds by 2034, one year sooner than previously forecast, when the federal retirement program will be required to cut monthly benefits by about 20%.

Meanwhile, Social Security's trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2034, instead of last year's estimate of 2035.

Trustees of the Social Security trust fund predict the fund will be exhausted in eight years. Unless Congress acts, Social Security payments will automatically drop by 23% at that time.