New report warns Social Security trust fund could run short by 2032

Va. (WSET) — Millions of Americans rely on Social Security every month, but a new report warns those checks could shrink.

The 2026 Social Security Trustees Report said the program’s trust fund could be depleted by 2032.

With Americans’ Social Security on the line, officials are looking for solutions.

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We asked U.S. Senator Mark Warner about possible fixes.

“I’ve had a plan for Social Security for over a decade that said we’ve got to raise the cap so those of us who’ve done well can pay more in,” Warner said.

Warner suggests taxing higher-income earners on more of their wages.

He says that could help avoid benefit cuts for future retirees.