New tax law, declining fertility and falling immigration are reducing revenue into the retirement trust fund A Social Security Administration office in Bellevue, Wash., last year. Jovelle Tamayo for WSJ Social Security is expected to deplete the fund that helps pay out retirement benefits by late 2032, the program’s trustees said Tuesday. That is earlier than their projection last year of 2033, partly because the fund expects to collect less revenue after President Trump’s new tax law.