Explore our investment strategies, solutions, and products designed to support diverse financial goals.
Tools and training for advisors, offering portfolio guidance, and on-demand educational resources.
Discover Apollo’s latest perspectives, case studies, research and analysis shaping conversations about private markets.
Private equity is entering a new phase where operational value creation, scale, and disciplined underwriting are key drivers of return.
Apollo Chief Economist Torsten Slok outlines the key macro dynamics shaping the landscape, from the AI boom to the industrial renaissance and policy.
Learn about our firm, our purpose and values, our people and where we are around the world.
October 28, 2026
Partner, Chief Economist
Social Security is financed mainly by a 12.4% payroll tax on wages up to an annual cap, split between workers and employers, with additional revenue from income taxes on benefits and interest on trust fund reserves.
Since costs now exceed income, the retirement trust fund is being drawn down and is projected to be depleted in late 2032, according to the 2026 Trustees Report, see chart below.
Once reserves run out, the program can pay only what it takes in, about 78% of scheduled benefits, a cut of roughly 22% unless Congress acts. Combining the retirement and disability funds, which would require legislation, would delay depletion to 2034, with about 83% of benefits payable.
Closing the gap would require raising revenue (a higher payroll tax rate or taxable wage cap), reducing benefits (a later retirement age or slower cost-of-living adjustments) or a combination of both.
The bottom line is that a possible 22% benefit cut makes it more important for households to save more and build a stream of income in retirement.
Note: 100% = one year of benefits. Sources: US Social Security, Macrobond, Apollo Chief Economist
Tell us your role for a more relevant Apollo.com experience.
This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).
Apollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes. There can be no assurance that any trends discussed during this presentation will continue.
Statements made throughout this presentation are not intended to provide, and should not be relied upon for, accounting, legal or tax advice and do not constitute an investment recommendation or investment advice. Investors should make an independent investigation of the information discussed during this presentation, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interest in any investment product or fund or account managed or advised by Apollo.
Certain statements made throughout this presentation may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.
Social
Explore Apollo
More Information
© Apollo Global Management, Inc. 2026 All Rights Reserved.
