IT’S ACCELERATING: Social Security retirement trust fund may be depleted in 2032, new trustees report finds.

A Social Security trust fund used to pay retirement benefits may run out in late 2032, three months earlier than what had been projected last June, according to the new Social Security Administration annual trustees report released Tuesday.

Social Security uses incoming revenue from payroll taxes to pay benefits. When benefit payments exceed payroll tax income, the program relies on the trust funds to help make up the shortfall.

The report said that if the fund is depleted as projected, Social Security will only be able to pay 78% of retirement benefits.

Plan accordingly, because either benefits are going down, taxes are going up, or inflation and debt are going up. Or some combination.