Social Security funds could run short by 2032, program's Trustees warn

Social Security is a program that helps people get money when they are old and stop working. This money comes from a special bank account, called a fund. Now, the people who manage this program say this fund will not have enough money in 2032. This is less than seven years from now.

If Congress, which makes laws, does not change things, people who get money from Social Security will get less. These are mostly older people, called retirees, and their families. Their monthly payment could be 22% less. This means they get less money each month.

The people who manage Social Security want Congress to act soon. They say lawmakers need to make changes slowly. This gives workers and people who get benefits time to get ready. Congress can make changes by asking people to pay more taxes or by making the monthly payments a little smaller. If they do not act, there will be an automatic cut in payments for everyone.