Social Security's main trust fund faces depletion in 2032, triggering benefit cuts

A critical trust fund that helps finance Social Security benefits is on track to reach insolvency in 2032, when automatic benefit cuts would occur without action from Congress, a new report finds.

The nonpartisan Congressional Budget Office (CBO) released its 10-year budget and economic outlook which projected that Social Security's Old-Age and Survivors Insurance (OASI) trust fund will be depleted in 2032 as spending outpaces the trust fund's income – with the gap growing over time.

CBO...