US Edition
Advocacy Group Says Bill Will Lead to Smaller Social Security Payments by 2033
UNITED STATES, JUL 24 – The Social Security retirement trust fund will run out by late 2032, causing a 24% benefit cut for 62 million retirees, driven by demographic shifts and recent legislation.
- The Committee for a Responsible Federal Budget projected the Social Security trust fund will be insolvent by late 2032, triggering a 24% benefit cut, less than a decade away.
- Amid America's aging population, the trust fund is under strain, and One Big Beautiful Bill Act’s tax provisions reduced revenue, hastening its insolvency.
- Across income tiers, high-income dual-income couples would lose $24,000 annually, while low-income dual-earner couples would lose about $11,000 and single-income low-income couples about $8,200.
- The Committee for a Responsible Federal Budget said `the cuts would grow over time as scheduled benefits continue to outpace dedicated revenues`, and once reserves are exhausted, Social Security will operate on a pay-as-you-go basis.
- Some policymakers are calling for revenue increases and benefit adjustments, as the Committee for a Responsible Federal Budget said projections suggest benefit cuts could exceed 30% by 2099, prompting reform efforts.
19 Articles
19 Articles
Advocacy group says bill will lead to smaller Social Security payments by 2033
Changes made by the recently approved One Big Beautiful Bill Act, signed by President Donald Trump, could cause Social Security checks to drop within the next decade, an advocacy group says.The Committee for a Responsible Federal Government claimed that the legislation will reduce Social Securitys revenue from the income taxation of benefits. This, the group says, will cause Social Security to become insolvent sooner than previously expected. A …
Social Security Payments Face 24 Percent Cut in Less Than a Decade Now, Group Projects
Social Security recipients face a 24 percent cut to their monthly payments in less than a decade as the trust fund dries up, according to a new analysis from the Committee for a Responsible Federal Budget (CRFB). The Social Security and Medicare trust funds, the group said, are just more than seven years from insolvency, with the group citing projections from the two programs’ trustees and the impact of the One Big Beautiful Bill Act that was si…
62 million Americans facing automatic slash to Social Security checks by 24%
AMERICAN retirees could face an automatic slash to Social Security checks of 24 per cent if the trust fund dries up. It comes as a nonpartisan committee moved up the insolvency timeline for Social Security’s trust fund to just less than a decade away. GettyThe committee reckons that the law’s enactment has accelerated the insolvency timeline[/caption] Social Security gets funded in part by payroll taxes and by trust fund disbursements. But when …
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