Social Security Will Go Bankrupt in 2035, One Year Later Than Prior Projections

When the fund goes bankrupt, Social Security benefits will be cut to 83 percent of what they are now.

A Social Security card sits alongside checks from the U.S. Treasury in Washington on Oct. 14, 2021. Kevin Dietsch/Getty Images

A new report shows that the Social Security system’s main trust fund will be depleted by 2035—one year later than a prior estimate, though concerns remain about the fund’s solvency.

The Social Security Board of Trustees released its annual report on May 6 that projects that the Social Security trust fund, which consists of the combined asset reserves of the federal Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds, will become “depleted” in 2035.