When Will Social Security Run Out? The 2026 Trustees Report Depletion Years
The 2026 Trustees Report projects that the OASI Trust Fund reserves would be depleted in the fourth quarter of 2032, when projected income would be sufficient to pay 78 percent of scheduled OASI benefits, and that the reserves of the combined OASDI funds would be depleted in the third quarter of 2034, when projected income would be sufficient to pay 83 percent of scheduled benefits. The DI Trust Fund reserves are projected to remain positive through 2100, the end of the projection period. These are the Trustees' intermediate (best estimate) projections, and the percentages are shares of scheduled benefits that would be payable, not a date on which benefits stop.
Maintained by Archie Chang · Reviewed November 2, 2026 · Methodology & sources
2026 Trustees Report compared with the 2025 report
OASI is the Old-Age and Survivors Insurance Trust Fund, DI is the Disability Insurance Trust Fund, and OASDI is the two shown together. The table gives each report's own figures, under the Trustees' intermediate assumptions.
| Measure | 2026 report | 2025 report |
|---|---|---|
| OASI Trust Fund: year reserves are projected to be depleted | 2032 (fourth quarter) | 2033 (first quarter) |
| OASI: percent of scheduled benefits payable when reserves are depleted | 78% | 77% |
| DI Trust Fund: year reserves are projected to be depleted | Not depleted through 2100 | Not depleted through 2099 |
| Combined OASDI: year reserves are projected to be depleted | 2034 (third quarter) | 2034 (third quarter) |
| Combined OASDI: percent of scheduled benefits payable when reserves are depleted | 83% | 81% |
| Combined OASDI: 75-year actuarial balance (percent of taxable payroll) | -4.42 | -3.82 |
The 2026 report places OASI depletion one quarter earlier than the 2025 report did, and the combined OASDI depletion in the same quarter. The 2026 report's Table II.A1 also lists the percent of scheduled benefits payable in 2100: 62 percent for OASI, 100 percent for DI and 65 percent for OASDI.
What the Trustees say happens at depletion
“After reserves are depleted, the trust funds would be unable to pay scheduled benefits in full on a timely basis if annual income were less than annual cost.”
“The projected costs for the OASI, DI, and HI programs as shown in the charts and described in this summary assume that the full benefits set out in law will continue to be paid. Under current law, however, these programs are not allowed to pay any benefits beyond what is available from annual income and trust fund reserves, and they cannot borrow. Therefore, after the trust fund reserves become depleted, and in the absence of additional legislation, the cost of benefits that would be paid is lower than shown in this summary.”
“Legislative action will be needed to prevent OASI reserve depletion. In the absence of such legislation, continuing income to the OASI Trust Fund at the time of reserve depletion would be sufficient to pay 78 percent of OASI benefits.”
The combined OASDI figure
The 2034 date is for the two funds taken together. The Trustees attach conditions to it:
“(The two funds could not actually be combined unless there were a change in the law, but the combined projection of the two funds is frequently used to indicate the overall status of the Social Security program.)”
“Full payment of benefits until the combined reserves are depleted in 2034 implicitly assumes that the law will have been changed to permit the transfer of funds between OASI and DI as needed.”
The Trustees Report and its Summary state these projections; this page makes no prediction about changes to the law.
The 2026 report under other assumptions
The Trustees also ran the projection under low-cost and high-cost assumptions. For the OASI Trust Fund the 2026 report gives:
| Assumptions | OASI reserves depleted |
|---|---|
| High-cost | 2031 (third quarter) |
| Intermediate (best estimate) | 2032 (fourth quarter) |
| Low-cost | 2035 (third quarter) |
“The OASI Trust Fund reserves become depleted in the fourth quarter of 2032, the third quarter of 2035, and the third quarter of 2031 under the intermediate, low-cost, and high-cost assumptions, respectively.”
“The intermediate (best estimate) assumptions were set in February 2026.”
The DI Trust Fund
“DI Trust Fund reserves are projected to remain positive throughout the 75-year projection period, as was projected in last year's report.”
“The DI reserves are projected to become depleted in 2049 under the high-cost alternative. They are projected to remain positive under the low-cost and intermediate alternatives.”
The 2025 report put the same result as no depletion through 2099, the end of its projection period.
Related pages
Frequently asked questions
When will the Social Security trust fund be depleted?
The 2026 OASDI Trustees Report projects that the OASI Trust Fund reserves will be depleted in the fourth quarter of 2032, when projected income would be sufficient to pay 78 percent of scheduled OASI benefits. If the OASI and DI funds were combined, the report projects the reserves of that combined OASDI fund would be depleted in the third quarter of 2034, with income sufficient to pay 83 percent of scheduled benefits. These are the Trustees' intermediate (best estimate) projections.
Does depletion mean Social Security benefits stop?
No. The 2026 OASDI Trustees Report says that after reserves are depleted, the trust funds would be unable to pay scheduled benefits in full on a timely basis if annual income were less than annual cost, and projects that continuing income would be sufficient to pay 78 percent of scheduled OASI benefits at depletion (83 percent for the combined funds). The report's figures are percentages of scheduled benefits that would be payable.
What is the difference between OASI, DI and OASDI?
The 2026 OASDI Trustees Report describes two separate trust funds, the Old-Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund, whose operations and reserves are often shown on a combined basis and referred to as OASDI. The report projects the DI reserves to remain positive through 2100. SSA's Summary of the 2026 Annual Reports notes that the two funds could not actually be combined unless there were a change in the law.
How do the 2026 and 2025 Trustees Reports compare?
The 2026 OASDI Trustees Report projects OASI depletion in the fourth quarter of 2032, one quarter earlier than the 2025 report's first quarter of 2033, and combined OASDI depletion in the third quarter of 2034, the same quarter as the 2025 report. The percent of scheduled benefits payable at depletion is 78 percent for OASI in the 2026 report (77 percent in 2025) and 83 percent for combined OASDI (81 percent in 2025).
What if the Trustees’ assumptions turn out differently?
The 2026 OASDI Trustees Report also gives results under low-cost and high-cost assumptions: OASI reserves become depleted in the third quarter of 2035 under the low-cost assumptions and in the third quarter of 2031 under the high-cost assumptions, against the fourth quarter of 2032 under the intermediate assumptions, and DI reserves are projected to become depleted in 2049 under the high-cost alternative. The report says the intermediate assumptions were set in February 2026.
Does the report say anything about the DI trust fund running out?
The 2026 OASDI Trustees Report states that DI Trust Fund reserves are projected to remain positive throughout the 75-year projection period (2026-2100) under the intermediate assumptions, as was projected in the 2025 report. It also states that the DI reserves are projected to become depleted in 2049 under the high-cost alternative and to remain positive under the low-cost and intermediate alternatives.
Sources
Every figure on this page comes from the documents below or from the shipped FedRateCalc pages named in the text. SSA's pages were read from Internet Archive copies; the capture date is shown with each one. Each document is saved as a text file with its source address and SHA-256 in this site's repository.
- SSA: The 2026 OASDI Trustees Report (Internet Archive copy, captured October 25, 2026)
- SSA: The 2025 OASDI Trustees Report (Internet Archive copy, captured October 25, 2026)
- SSA: A Summary of the 2026 Annual Reports (Internet Archive copy, captured October 22, 2026)