Social Security’s retirement trust fund is expected to be exhausted in late 2032, according to an annual report released by Social Security’s trustees. This is one quarter earlier than previously forecast. At that time, payroll tax revenue and other income sources will be able to cover only 78% of benefits owed.

Impact on Retirees

Tens of millions of retirees and other Americans could see smaller monthly Social Security checks in six years if lawmakers don’t act to shore up the program’s finances. The combined Social Security’s retirement and disability trust funds are expected to be exhausted in 2034, the same as last year’s forecast.

Social Security’s finances have long been troubled, largely because the nation’s population is getting older and living longer. The program will not run out of money, however, since current workers are paying payroll taxes, which support the programs.

Original reporting: KTVZ (Central Oregon) — read the source article.