A new report from the trustees of Social Security states that there are enough funds to fully pay benefits until 2034, but without Congressional intervention, benefits will be cut.
According to the report, the Old-Age and Survivors Insurance (OASI) Trust Fund can pay 100 percent of total scheduled benefits until 2033. Last year, trustees estimated that the fund would continue paying full benefits into 2034.
After 2033, Social Security will have enough to cover about 81% of scheduled benefits. Currently, the average monthly Social Security retirement benefit is $1,976. In 2025 dollars, benefits would be about $450 per month lower in 2034 than they are today.
Hypothetically combining the OASI Trust Fund and the Disability Insurance Trust Fund would keep Social Security funded for one additional year and result in slightly higher benefits after the funds are depleted.
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There will never be a point when Social Security is unable to pay some benefits. Social Security trust funds are replenished as workers contribute a portion of their earnings.
However, long-term projections suggest that Social Security will be able to pay about 69% of scheduled benefits by the end of the century.
One reason the Social Security funds are projected to deplete sooner than previously thought is a law passed at the end of the Biden administration that made 2.8 million public service workers—including teachers, police officers, and other government employees—eligible for larger Social Security payments upon retirement.
Officials have long expressed concern about the stability of Social Security. As the Baby Boomer generation ages and birth rates decline, Social Security revenue is dropping while its expenses surge.
Social Security paid out $1.5 trillion in benefits, accounting for about 23% of federal spending in 2024.
Frank Bisignano, President Donald Trump's new Social Security administrator, said he and the president vow to protect Social Security benefits.
“President Trump has been clear about Social Security. We will protect it,” said Commissioner Bisignano. “We will make the Social Security Administration a premier organization.”
