Social Security trust fund to run out by 2031: CBO

The Social Security Old Age and Survivors Insurance fund, which pays out retirement benefits, is on track to run out in 2031 as the economic fallout from the COVID-19 pandemic takes its toll, according to a Wednesday report by the Congressional Budget Office.

Without congressional action to address the shortfalls, the depletion of the fund would lead to benefit cuts for retirees.

CBO projected that the OASI fund would drop from $2.8 trillion today to $533 billion in 2030, and run out the following year.