Social Security’s retirement trust fund is projected to run out of money by 2033, with the disability trust fund following a year later, according to the program’s June 2025 trustees report. The One Big Beautiful Bill Act could accelerate the program’s insolvency to 2032. Changes are needed, but time is running out.

Decades of inaction have worsened the shortfall. Reforms like raising the retirement age are necessary, as insolvency doesn’t mean benefits disappear, but they could shrink. Urgent action is required to address the funding shortfall and potential reductions in future benefits. Various reforms, such as raising the full retirement age or increasing payroll taxes, are being considered to save the program.

Read more at Yahoo Finance: Experts believe Washington ‘must break its promise on Social Security’ to protect it from ‘imminent insolvency’