Social Security’s retirement trust fund is projected to face a funding shortfall in 2032, a year earlier than previously expected

A trust fund that helps to finance Social Security benefits is expected to run out of money in less than seven years — unless Congress acts to patch the system before that.

A new tax law, declining fertility and falling immigration are reducing revenue into the retirement trust fund.

Tens of millions of retirees and other Americans could see smaller monthly Social Security checks in six years if lawmakers don’t act to shore up the program’s finances, according to an annual report released Tuesday by Social Security’s trustees.

The Social Security retirement trust fund will be exhausted in 2032, earlier than previously anticipated, the program’s trustees projected on Tuesday, meaning that senior citizens would face a cut in their benefits at that time unless Congress acts.

The Social Security trust fund is on track to run out of money in late 2032, its trustees said in a new report Tuesday, three months sooner than projected last year. Why it matters: If Congress doesn't act to address the long anticipated shortfall,

The Social Security Administration has released a report with new projections as to when the trust funds that help pay benefits may be depleted.

Social Security’s retirement trust fund is now expected to be depleted in the fourth quarter of 2032, a few months earlier than last year’s estimate, according to the latest trustees’ report released Tuesday.