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 estimates that spending from Social Security's OASI trust fund will rise from $1.5 trillion this fiscal year...
HALO NEWSLETTER
Join HALO today and unlock this story instantly — It's Free