US Social Security trust fund at risk as electronic payments rollout proceeds

The Social Security trustees project that the Old‑Age and Survivors Insurance (OASI) Trust Fund will be depleted by 2032, leaving enough to pay about 78 % of promised benefits; combined OASI and disability funds would run out by 2034 with coverage at 83 %. Analysts say President Trump’s policies have deepened the shortfall, notably a tax deduction for seniors that eliminates income tax on benefits for many, costing an estimated $169 billion in revenue over a decade.

The Social Security Administration announced that, starting in 2026, all benefits will be paid electronically, ending paper checks for most recipients. While the agency offers a Direct Express® prepaid debit card for those without bank accounts and a waiver process for paper checks, advocates warn that unbanked, unhoused, disabled, and low‑income seniors may struggle with the transition, risking loss of income. The move aims to complete the “full transition” to electronic disbursement, but critics say the alternatives are not sufficiently accessible.