Social Security program on track for insolvency in 2032; benefits could be cut 22%
The Social Security Fund, responsible for monthly payments to retirees and their dependents, may be at risk of shriveling up. More than 62 million Americans receive benefits from the Old-Age & Survivors Insurance Trust Fund, but a new government analysis says in just six years, the fund will only have enough money to pay 78% of its scheduled benefits.