New report says Social Security trust fund could run dry in 2032

(CNN, KYMA) - Millions of Americans could see smaller Social Security checks within six years unless Congress acts.

A new report from Social Security Trustees say the program's retirement trust fund is projected to run dry in late 2032.

At that point, payroll tax revenue and other income would cover only about 78% of scheduled benefits.

The report moves the projected depletion date up by about three months from last year's forecast.

Social Security would not run out of money entirely, but the findings could increase pressure on lawmakers to address the program's long-term financial challenges.