US Social Security Retirement Fund Faces Earlier Shortfall Projection

New projections indicate the Old-Age and Survivors Insurance (OASI) Trust Fund will face a funding shortfall in 2032, one year sooner than previously estimated. After this date, the fund is projected to cover only 78% of scheduled benefits. Meanwhile, Medicare's hospital insurance trust fund's ability to pay full benefits is still expected to end in 2033, consistent with prior estimates.