If Social Security is depleted by 2033, as is currently projected without reform, there would be a mandated 21% across-the-board Social Security benefit cut for retirees, the report says.
If a Social Security trust fund is depleted by 2033, the date at which it is currently projected to do so without reform, a typical dual-income couple retiring at that time would lose $16,500 in benefits a year, according to a new report.
"Although the cut for a low-income couple would be smaller and reflect a 21 percent reduction in their benefits, the cut would be a larger share of their income," it adds.For context, the estimated average Social Security benefit changes monthly, and the average benefit as of January 2024 was $1,907. A 21% reduction to that baseline amounts to a cut of $400 a month, leaving the benefit amount at $1,507.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Americans Could Face $500 Monthly Cut to Social Security Payments by 2033If Social Security becomes insolvent in nine years, seniors would lose roughly $6,090 a year in benefits, an analysis shows.
Read more »
In Photos: See Jupiter And Mars Almost Touch In Best View Until 2033Jamie Carter is an award-winning reporter and experienced stargazer who covers the night sky, astro-tourism, the northern lights and space exploration. He received the 2023 Popular Media Award from the American Astronomical Society's Solar Physics Division and is the author of A Stargazing Program for Beginners. Writing for Forbes.
Read more »
Mars and Jupiter get chummy in the night sky, closest they'll be until 2033Mars and Jupiter are cozying up in the night sky for their closest rendezvous this decade.
Read more »
Social Security crisis: Beneficiaries face 21% benefit cut without reforms, says CFRBA new report by the Committee for a Responsible Federal Budget finds that Social Security beneficiaries would see a 21% benefit cut when the trust fund is depleted in late 2033.
Read more »
The Social Security Fairness Act will help ensure financial security for many seniorsThe Social Security Fairness Act presents an opportunity to help retired public servants get the benefits they deserve.
Read more »
This Labor Day, Working Families’ Earned Social Security Benefits Are at RiskNancy J. Altman is president of Social Security Works and chair of the Strengthen Social Security coalition. She has a 40-year background in the areas of Social Security and private pensions. Her latest book is 'The Truth About Social Security: The Founders' Words Refute Revisionist History, Zombie Lies, and Common Misunderstandings' (2018).
Read more »