health
Social Security insolvency now projected for 2032, putting benefits at risk of a 22% cut
Updated on: June 9, 2026 / 4:46 PM EDT / CBS News
TL;DR
- Social Security is projected to be insolvent by the end of 2032.
- Beneficiaries could face a 22% cut in monthly checks upon insolvency.
- Demographic shifts, including lower fertility rates and reduced immigration, are impacting the program's financial stability.
- Medicare's hospital insurance trust fund is also projected to be unable to pay full benefits by Q2 2033.
- Advocacy groups urge Congress to act to strengthen Social Security, with proposals including raising revenue or reducing benefits.
- A potential solution involves eliminating the income cap on payroll taxes.