articleThe Brief The Social Security retirement trust fund is projected to face a funding shortfall in 2032. The cut would impact the millions of Americans who rely on Social Security income with a U.S. average monthly benefit cut of $500. Social Security’s retirement trust fund will face a funding shortfall in 2032, a year earlier than last year’s projections. The backstory:Social Security was established when President Franklin D. Roosevelt signed the historic Social Security Act bill into law on August 14, 1935. The 1939 amendment also established the OASDI Board of Trustees to oversee the financial status of the Social Security trust funds.