New report from Social Security Trustees warns that Social Security trust fund could be depleted in less than a decade

Social Security is facing a serious financial challenge. According to the recently published 2026 Report of the Trustees, the Old-Age and Survivors Insurance (OASI) trust fund could run out of accumulated reserves by 2032, that is, in just over six years.

According to the document, "The OASI Trust Fund reserves are projected to become depleted in the fourth quarter of 2032, with 78 percent of benefits payable at that time. The DI [Disability Insurance] Trust Fund reserves are projected to remain positive throughout the 75-year projection period."

The trust funds are projected to have sufficient revenue to cover all projected benefits and associated administrative expenses through 2034, as was the case last year, with 83% of benefits payable at that time.

Social Security costs have exceeded revenue since 2021

The Social Security Trustees announced that the combined reserves of the OASI and DI Trust Funds "declined by $160 billion in 2025 to $2.56 trillion."

In 2025, an estimated 185 million people had earnings covered by Social Security and paid payroll taxes.

The report projects that, starting in 2026, the program’s annual costs will permanently exceed annual revenue throughout the 75-year projection period. In fact, "total cost began to be higher than total income in 2021. Social Security's cost has exceeded its non-interest income since 2010."

A possible adjustment to mandatory benefit spending

In an interview on Monday with "The Moon Griffon Show," House Speaker Mike Johnson warned that the problem lies in the fact that more than 74% of federal spending is on "autopilot"; that is, mandatory spending on benefit programs such as Medicare, Medicaid, and Social Security. According to Johnson, these programs need to be "adjusted and fixed."

Johnson added that his team has a plan to address this situation next year, as he believes it is critical to act as soon as possible.

Trump Administration protects Social Security

Frank J. Bisignano, commissioner of Social Security, stated: "Under the Trump Administration, we are committed to protecting and strengthening Social Security. This year, we have made historic improvements in providing best-in-class service for the more than 330 million Americans we serve. We are eliminating waste, fraud, abuse and ensuring program integrity."

"To protect the promise of Social Security, it is important for lawmakers and the Social Security Administration to work together to ensure the trust funds continue to provide financial stability now and for future generations," he added.