Retirement and survivor benefits could be cut 22% after the Social Security retirement trust fund is projected to run out in late 2032.
The automatic cut is unrelated to the 3.6% cost-of-living increase the Social Security Administration announced Oct. 14. It would take effect if Congress does not act before the fund is depleted.
The Old-Age and Survivors Insurance Trust Fund, which pays retirement benefits to workers and survivor benefits to their families, is projected to run out in the fourth quarter of 2032, the program’s trustees said in a June 9 report.
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