Social Security insolvency set for 2032
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Social Security’s COLA could be 4.7% in 2027 as inflation hits the highest level in 3 years
A total of 44% of older Americans depend on Social Security for all of their income, according to the Senior Citizens League.
Social Security is in trouble, but it’s not going bankrupt and it’s not going away in the near future. That’s an important conclusion from the 2026 OASDI Trustees Report that was released on June 9. The Social Security OASDI Trust Funds are projected to be depleted in the third quarter of 2034;
The full retirement age will reach 67 years old this year, marking the end of a 42-year-long shift of raising the retirement age for full benefits.
The trust funds backing Social Security face increased pressure, partly due to last year’s One Big Beautiful Bill Act.
Millions of Americans rely on Social Security as a key source of retirement income. But new data shows that the average benefit at age 65 may be lower than many future retirees expect.