Here’s How Much Your Social Security Benefits Could Be Cut By 2033
The warnings are real. The Social Security trust fund is facing depletion. It is expected to run out in about 10 years. When that happens, retirees will see their monthly benefits slashed by about 20 percent. If you’ve wondered what that means in dollars and cents, GoBankingRates.com has got the answer — and it’s not pretty.
Citing a report from the nonprofit Committee for a Responsible Federal Budget (CRFB), it estimates that the average single-income couple retiring in 2033 would see a $13,100 a year cut once Social Security’s Old Age and Survivors Insurance (OASI) Trust Fund runs out of money while dual-income couples would face a cut of more than $17,000 per year.
It’s important to keep in mind that those cuts will only happen if the Social Security trust fund cannot be replenished. Lawmakers have 10 years to make that happen. The Seniors Trust believes the best way to shore up Social Security reserves is for lawmakers to pass the Social Security Expansion Act. This landmark piece of legislation will secure Social Security’s future for decades to come and provide bigger monthly benefits to retirees. You can show your support by signing our petition to Congress.
