Social Security trustees said the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to be depleted in the fourth quarter of 2032, after which incoming revenue would cover 78% of scheduled benefits.

According to NS3.AI, U.S. Treasury Department data shows the national debt increased by $338.61 billion between May 14th and June 15th.

The trustees’ projection indicates that, following depletion, benefit payments would be reduced to match projected income unless changes are made.