We're Less Than a Decade Away from Social Security's Trust Fund Running Dry. What Does This Mean for You?

According to the most recent Trustee's report released in 2024, Social Security is currently paying out more money than it collects. As a result, its asset reserves are starting to decline. Based on current deficit spending, and ongoing projections for incoming revenue, the trust fund is expected to run out of money in 2035.

If you are retired and rely on Social Security - or if you plan to retire in the future - you should know that Social Security's trust fund is not in great shape. Considering that we are already almost a month into 2025, that means that we are now less than a decade away from the trust fund having no money to fund retirement benefits for the seniors who are counting on the money.

The big question, though, is whether these retirement benefits will continue to be a stable source of funding for generations to come. The answer to this question is, unfortunately, more complicated than you might think.

Unfortunately, the news is not great - but it's also not as bad as you might think. Social Security retirement benefits are not paid out of the general fund so, in theory, the government can't just quickly and easily move money from somewhere else to cover the funding gap.

Read at 24/7 Wall St.