The current status of the Social Security Trust Fund indicates that there are significant concerns regarding its long-term solvency. Here's a summary of the latest information regarding the gap and projections:

1. Current Projections: According to the 2023 Social Security Trust Fund report, the combined Social Security trust funds (which include the Old-Age and Survivors Insurance and Disability Insurance) are projected to be depleted by 2035. This depletion would result in benefit reductions by approximately 17% unless legislative action is taken to address the funding shortfall.

2. Funding Ratio: The trust fund ratio is projected to increase from 92% at the beginning of 2024 to 104% by the beginning of 2025. However, this is not a long-term solution, as continued deficits are anticipated beyond that period.

3. Action Required: Without congressional action to reform the system or increase funding sources (such as payroll taxes), retirees may only receive about 83% of their full benefits after the funds are depleted in 2035.

For more detailed insights on this topic, you can refer to reports from the Social Security Administration.

Sources

Trustees Report Summary - SSALawmakers are Running Out of Time to Fix Social SecurityResearch: The Future Financial Status of the Social Security ProgramClosing the Social Security Knowledge Gap: Why Education Is Badly ...CBO's Options to Improve Social Security SolvencyFixing Social Security - Brookings InstitutionWill Social Security run out? Here's what could happen to your benefits

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