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  1. Retirement
  2. Social Security

Social Security Funds Will Run Dry Even Sooner Than Expected: Report

By: Adam Hardy
Adam Hardy, expert in Personal finance, student loans, credit, job market, low-income finances, and Lead data journalist at Money
Adam Hardy
Lead data journalist | Joined May 2024
Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and many other outlets.
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Editor: Brad Tuttle
Brad Tuttle, expert in Personal finance, shopping, consumer trends, and Senior Editor at Money
Brad Tuttle
Senior Editor | Joined January 2014
Brad Tuttle is a senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.
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Published: Apr 03, 2023 6 min read
Photo collage of a social security card, with money in the background, fading into black
Money; Getty Images

Social Security trust funds are expected to run dry in 2034, according to a new report by the agency’s trustees.

The new depletion date is one year sooner than previously estimated and underscores the impending financial dilemma plaguing key safety net programs that currently assist about 70 million Americans each month.

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What the report says

The Social Security Board of Trustees report, released Friday, is the latest snapshot of the finances behind Social Security’s benefit programs.

  • Social Security benefits largely go to retired workers. Some 50 million Americans collect retirement checks each month, and the average payment is nearly $1,800. The agency also provides assistance to disabled workers and survivors of deceased workers.