The 2026 Social Security Trustees Report projects the Old-Age and Survivors Insurance trust fund reserves will deplete in the fourth quarter of 2032, one quarter sooner than the prior estimate, after which incoming payroll taxes would cover about 78 percent of scheduled benefits. The combined OASI and Disability Insurance funds are expected to last until the third quarter of 2034, with 83 percent payable thereafter. The slightly worsened outlook stems from lower projected fertility and immigration rates plus reduced revenue from taxation of benefits under 2025 legislation. Reserves fell $160 billion in 2025 to $2.56 trillion, while costs have exceeded non-interest income since 2010. A 3.6 percent cost-of-living adjustment takes effect in 2027, and no major reform legislation has advanced recently, leaving the depletion timeline dependent on future congressional changes to taxes, benefits, or retirement age.