Trump vowed not to touch Social Security — but 2 big moves are speeding up the program’s insolvency (now $0 before the end of 2032)

In other words, Americans are just six years away from a massive reduction in benefits. Unfortunately, the key drivers of this funding gap are core policies for the Trump administration: a sweeping immigration crackdown and the One Big Beautiful Bill Act. And it’s unlikely that either of these are going to be pulled back.

Here’s why reducing immigration and taxes is rapidly draining the social safety net.

The 2 big Trump moves draining Social Security

The OASDI Trustees Report highlights three key reasons for the acceleration in trust fund depletion. One of these is the fertility rate — which has been a persistent issue for years and is mostly beyond the government’s control.

However, the other two factors — immigration and taxation — are not only controlled by the government but also signature policies for the Trump administration.

The government’s immigration clampdown has reduced legal immigration faster than illegal migration, according to the Cato Institute. However, it should be noted that even illegal migrants pay taxes and contribute to the Social Security system.

In 2022, for instance, undocumented workers across the country contributed $25.7 billion in Social Security taxes, $6.4 billion in Medicare taxes and $1.8 billion in Unemployment Insurance taxes, according to the Institute on Taxation and Economic Policy.

Simply put, a reduction in America’s immigrant workforce, both legal and illegal, has reduced revenue for Social Security.

As for those remaining, the Trump administration has unleashed tax cuts.

The One Big Beautiful Bill Act (OBBBA), signed July 4, 2025, added a temporary $6,000 bonus deduction for Americans 65 and older. That sounds great for older Americans who are eligible for this short-term special deduction, but it impacts funding for the overall program over the long term.

The OBBBA will cost the Social Security trust funds about $168.6 billion over 10 years, according to the Social Security Administration’s Office of the Chief Actuary. Meanwhile, the Committee for a Responsible Federal Budget pegs the hit at roughly $30 billion a year, when factoring in the expansion of 2017 tax cuts. That alone moved the retirement fund’s depletion date from early 2033 to late 2032.

In other words, you have only a handful of years to prepare.

What can you do?

If you’re feeling anxious about the future of Social Security and its impact on your own retirement, there are three ways to prepare: plan, monitor and save.

Regardless of your age and net worth, a professionally crafted financial plan could help you navigate any eventuality with the social safety net. Among other things, they can assist you with designing an investment, withdrawal and budget plan for retirement that leans less heavily on benefits.

But finding the right expert isn’t easy, which is why platforms like Advisor.com offer algorithmic matching services to find the best fit for you. Their network also includes fiduciaries, who are legally obligated to put your interest first.

Just enter a few details about your finances and goals, and Advisor.com’s AI-powered matching tool will connect you with a qualified expert best-suited for your needs based on your unique financial goals and preferences.

Finding the right advisor isn’t always easy — there’s no one-size-fits-all solution. That’s why Advisor.com lets you set up a free initial consultation, with no obligation to hire, to see if they’re the right fit for you.

Getting some help

You may also need to monitor public policy for any hints of future changes. Whether the government is going to raise taxes, increase the retirement age or lower benefits, it’s always a good idea to be aware of these changes and how they might impact your retirement.

Senior-focused organizations like AARP can help you stay on top of policy changes that matter to older Americans.

The group advocates for pension reform and tax benefits for retirees, which makes it a critical source of information for any retirement planner. Plus, they offer discounts and special events for members.

For example, AARP members get access to guides that can help you make the most of Social Security, choose the right Medicare plan and uncover other government benefits — potentially saving you thousands.