Overview

• The 2025 Trustees report projects combined Social Security trust funds will be exhausted in 2034, one year earlier than last year’s estimate.
• Without legislative action, retirement benefits could drop by nearly a quarter, reducing annual payments by about $4,000 and totaling over $100,000 for the average retiree.
• The Social Security Fairness Act of 2025 accelerated depletion by roughly six months by restoring pension-offset benefits for teachers, firefighters and other public workers.
• President Trump’s proposals for mass deportations and higher tariffs are expected to shrink the workforce paying into the system and increase cost-of-living adjustments, further straining trust funds.
• About 79% of Americans, including 77% of Republicans, oppose reducing benefits and experts have outlined bipartisan options like lifting the payroll tax cap, modest rate hikes and benefit adjustments for wealthier retirees.