{
  "id": 15772317,
  "title": "Social Security benefits could be cut 22% in 2032—and one fix would mean a 40% payroll tax hike for millennials and Gen Z",
  "url": "https://urgent.news/2026/10/20/social-security-benefits-could-be-cut-22-in-2032-and-one-fix-would",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-20T16:59:14.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/20/social-security-benefit-cuts-2032-payroll-tax-increase/"
  },
  "original_language": "en",
  "account": "Social Security's main trust fund will run out of money in 2032, potentially cutting benefits by 22%. The Social Security Administration (SSA) recently announced a 3.6% cost-of-living adjustment (COLA) for 2027, raising monthly payments by an average of $75 to $2,170. The increase will affect about 76 million Americans, including nearly 7.3 million people receiving Supplemental Security Income (SSI). The program, primarily financed through a 12.4% payroll tax, faces a significant funding shortfall, with the OASI Trust Fund projected to run out in Q4 2032 and OASDI Trust Funds in Q3 2034. Without changes, incoming revenue would cover only 78% of scheduled benefits by 2032, dropping to 62% by 2100. Some experts propose raising payroll taxes, which could require a 40% increase from the current 12.4% to 17.3% in 2034, to maintain benefits without cuts.",
  "summary": "Retirees are getting a 3.6% raise in 2027, but the program’s main trust fund is set to run dry in less than seven years.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MarketWatch Top",
        "title": "The Social Security Administration corrected millions of records, and says there’s more to fix",
        "url": "https://urgent.news/2026/10/20/the-social-security-administration-corrected-millions-of-records-and",
        "published": "2026-10-20T20:26:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}