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Numerous studies indicate that the Social Security Old-Age and Survivors Insurance (OASI) trust fund is projected to run out of reserves in late 2032; while the program is not expected to go bankrupt or disappear, current taxpayers will still fund a large portion of the payments. Some project that payments could fall to 78% of a recipient’s current payment. That means every $1,000 in payments could be cut to $780 if Congress does not intervene.
The Social Security Administration says that if combined with the Disability Insurance trust fund, the depletion date is extended to 2034, when 83% of benefits would remain payable. The bottom line is that Congress will likely wait until the bitter end to fix things, as it has in the past. For the youngest Baby Boomers, those born in 1964, it may make sense to claim Social Security at 62 before they end your ability to do so.