This brief summary comes from the Penn Wharton Budget Model article titled: Social Security Reform With Dynamic. You can read the full article by clicking the button below. The Penn Wharton Budget Model explains that Social Security is on track to face a funding shortfall soon, with its main trust fund projected to run out by 2032 (or 2034 if combined with disability insurance). After that, incoming revenue would only cover about 83% of benefits, declining further over time.