Your Social Security benefits could be cut by a quarter in 2032. Here's what to know

By — Maria Ramirez Uribe Maria Ramirez Uribe Leave your feedback Share Copy URL https://www.pbs.org/newshour/politics/your-social-security-benefits-could-be-cut-by-a-quarter-in-2032-heres-what-to-know Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Your Social Security benefits could be cut by a quarter in 2032. Here's what to know Politics Jun 26, 2026 1:17 PM EDT Americans' Social Security benefits will have to be cut by roughly a quarter in six years due to depleted funds, according to a June 9 report from the Social Security Board of Trustees. That's months sooner than the group had estimated in 2025. For years, the trustees and experts have been warning about Social Security's unstable financial footing. An aging population, low birth rates and worsening income inequality have driven the program to pay out more in benefits than it takes in from taxes. "The program has been paying out more in benefits, more than it takes in in revenues, and that creates the financing gap that can't go on forever," said Shai Akabas, vice president of economic policy at the Bipartisan Policy Center. Educate your inbox Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else. But the sooner-than-expected shortfall was driven in part by President Donald Trump's tax and spending cut bill and his restrictive immigration policies, the trustees said. The six-year timeline for Social Security's insolvency means senators elected during the upcoming November midterm elections will likely be forced to vote on changes to the program, experts told PBS News. "When we cast our votes, we're electing the leaders who are going to decide the future of this program," said Kathleen Romig, senior fellow at the Center on Budget and Policy Priorities. It's been more than 40 years since Congress enacted major changes to the program. In 1983 during a solvency crisis, Congress passed the Social Security Amendments , which in part gradually increased the retirement age from 65 up to 67 for people born in 1960 and later. "We can't afford to continue a system that was built almost a century ago and hasn't been changed significantly," Akabas said. "We really need to modernize the system for the economy that we have today, and that's the way that we can make it sustainable for the future." Here's what to know about Social Security's future. Why are Social Security funds running out sooner than expected? Every year the Social Security Board of Trustees submits a report to Congress with an update on the financial status of the program. Social Security needs enough money to pay the program's beneficiaries and to cover its administrative costs. In 2025, Social Security's retirement fund earned $1.2 billion, mainly from the 185 million people who paid payroll taxes to Social Security. But the program, which paid benefits to more than 56 million people, cost $1.4 billion. The program paid out more than it brought in. Watch