Social Security insolvency: New report from Wharton has more troubling data. What it means for your monthly payments

The Penn Wharton Budget Model (PWBM) projects the Social Security Old-Age and Survivors Insurance (OASI) Trust Fund will be depleted in February 2033, a few months later than the Social Security trustees' estimate of the fourth quarter of 2032. The combined Social Security fund, including Disability Insurance (DI), is projected to become insolvent in February 2035, according to the PWBM report. These projections consider both fertility and mortality rates. Both the PWBM and the Social Security trustees agree that the program's funds will be depleted within the next decade. Currently, 63 million Americans, comprising 54 million retired workers and 9 million survivors and dependents, receive Social Security benefits. Without legislative action, the program faces a fiscal deficit that would necessitate automatic benefit cuts. Karen Glenn, chief actuary of the Social Security Administration (SSA), stated that the issue is a "simple math problem" requiring either increased revenue or reduced benefits. The Committee for a Responsible Federal Budget (CRFB) has suggested limiting payouts to $100,000 annually for couples, or $50,000 for single retirees, as a potential measure.