The June 2026 Trustees Report projects that Social Security's retirement trust fund will be depleted in the fourth quarter of 2032, after which 78 percent of benefits would be payable — an automatic 22 percent cut — while the combined funds reach 2034 at 83 percent. The 75-year shortfall is 4.42 percent of payroll, driven by fertility, immigration and recent tax cuts, and a bipartisan commission bill is before the House.