Social Security Set to Run Short of Funds Earlier Than Expected: CBO Director

Blank Social Security checks are run through a printer at the U.S. Treasury printing facility in Philadelphia, Pennsylvania, on Feb. 11, 2005. William Thomas Cain/Getty Images

The head of the Congressional Budget Office, Phillip Swagel, said this week that Social Security funds may start running out by 2032, or a year earlier than previously expected by the CBO.

In December, CBO estimated that the Social Security trust funds will evaporate by 2033. But Swagel said that a new analysis suggests it may dry up before 2032, which marks the end of the budget window, according to December’s report.