Americans are on track to elect 33 senators who will shape the future of Social Security

Social Security provides benefits to retired and disabled Americans, making it a critical lifeline that keeps millions out of poverty. But it’s also in financial trouble itself. The most recent report of the Social Security Board of Trustees, released in June, revealed that the Old-Age and Survivors Insurance (OASI) Trust Fund could be depleted as early as 2032.

Simply put, the depletion of the OASI Trust Fund would leave Social Security without cash reserves. Because the program cannot borrow, print money or access funds from the general government budget, it would only be able to pay out around 78% of promised benefits in 2032 if the trust fund is depleted.

Why does that matter to senators in 2026? It means the Social Security coffers could run dry under their watch.

Since the 33 senators elected to office this November serve six-year terms, they could still be in office when 2032 rolls around and the trust fund becomes depleted. That turns these elections into “a critical moment for the future of Social Security,” according to the Peter G. Peterson Foundation.

It could also be a critical moment for the financial futures of millions of beneficiaries. Unless reforms are made before the end of 2032, the Committee for a Responsible Federal Budget projects that the average retired couple is facing a loss of $16,900 in annual benefits.

If that projection is even close to accurate, not only would it be a devastating financial loss to beneficiaries, but the political fallout could be catastrophic for anybody in office.

That could give those senators an extra incentive to work with their fellow legislators to find a solution — and sooner rather than later, since the longer they wait, the more the trust fund reserves become depleted and the more challenging it will be to fix.

As for what those solutions could look like, lawmakers could follow in the footsteps of the last major reforms in 1983 by imposing a gradual increase in the full retirement age — the age when Americans can claim full benefits — as well as making part of Social Security benefits taxable for higher earners.

They could also look for new methods to stabilize the Social Security trust fund, including the creation of a diversified investment fund to cover the shortfall or raising taxes on high-income Americans.

And what can the average American do? Depending on what lawmakers decide on, popular benefit programs could face serious disruptions, so voters may want to do their own research about each candidate’s proposals for fixing Social Security before heading to the polls.