Social Security gets a 3.6% raise in 2027, but a 22% cut looms by 2032: Could a 40% payroll tax hike make Millennials and Gen Z pay more?
Your Social Security payment will rise 3.6% in January 2027, about $75 more a month on average. But the bigger story is 2032, when the retirement fund runs dry and benefits could be cut 22%. Fixing it may mean higher payroll taxes for workers, and the clock is already ticking.
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Story file
- Section
- Business
- First reported by
- The Economic Times
- Reporter
- piyush shukla
- Published
- Thursday, 22 October 2026, 12:29 am IST
- Coverage
- One outlet so far
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