Planet Money · Wednesday, September 30, 2026
Social Security is projected to be unable to make full payments to retirees as soon as 2032, according to an actuary who previously worked for the Social Security Administration. This shortfall is largely attributed to the retiring baby boomer generation and increased life expectancies. The trust fund reserves have been tapped since 2010, and significant changes are needed to adjust the system.
“The date of doom, it is a soon as 2032. Just six years from now.”
“And that is largely because of the baby boomers. The boomers are retiring. They are collecting their social security payments. And facing a much higher life expectancy than the architects of Social Security imagined nearly a century ago. And there are a lot of them.”
“Social Security is spending more on benefits now than it is taking in revenue.”