The 2026 Social Security Trustees Report projects the Old-Age and Survivors Insurance trust fund will deplete reserves in late 2032, one quarter earlier than the prior estimate, with continuing payroll taxes then covering just 78 percent of scheduled benefits. The combined OASI and Disability Insurance funds are expected to last until 2034. Recent worsening stems mainly from lower projected fertility and immigration rates plus the One Big Beautiful Bill Act’s reduction in revenue from taxing benefits. CBO projections released in September align closely, showing similar shortfalls and automatic cuts absent congressional action. No major reforms have passed, leaving the timeline dependent on demographics, economic growth, and future legislation.