Some of America’s wealthiest couples are collecting more than $100,000 in yearly Social Security benefits, but a new proposal suggests capping that total. Partly due to the Trump administration’s changes, including a bump in benefits, the Social Security trust fund is projected to be depleted in 2032. This may be a way to help extend it.
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The Proposal
In a new report, CBS cites the Committee for a Responsible Federal Budget, which suggests capping Social Security at $100,000 for couples and $50,000 for individuals at the top. If this cap is instituted, it’ll save an estimated $190 billion over the next decade and close about 20% of the program’s solvency gap, but truthfully that’s not enough on its own.
Who Are These $100k Collectors
Currently, about 1 million people are in this category, which is about 2% of the roughly 70 million Americans enrolled in the program. Couples who earned at least $184,500, the Social Security taxable maximum income, for a minimum of 35 years and waited to take their retirement until full retirement age will be the ones affected.
The average Social Security check for a retired worker is about $2,081, a stark contrast to the $8,416 these high-income recipients are collecting.
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The Pushback
AARP has argued against the cap, stating that allowing the Social Security Administration to implement cuts now could lead to benefits that depend on the fluctuating stock market in the future. It’s a slippery slope that rights’ advocates see as potentially troublesome.
There are other proposals on the table, like raising the payroll tax cap, to help avoid Social Security insolvency. And the Trump Administration says that J.D. Vance found “billions and billions and billions” that could save the entire program, although there’s no verifiable proof that’s true.
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What It Means For You
Most Americans won’t fall into the category of individuals who will be capped in their monthly payments. On the other hand, most Americans will be negatively affected if the funds run out in 2032, as projected. If this happens, retirees will see a cut of up to 28%in their monthly benefits.
The most important thing, with the clock ticking toward the 2032 deadline, is that Congress takes aggressive action to ensure the program remains active. Find out what your representatives are doing to help save Social Security, and demand they make a decision soon.
As more people live longer, it’s important that the program we paid into throughout our working lives continues to support us all.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
This story was originally published by Parade on May 29, 2026, where it first appeared in the Life section. Add Parade as a Preferred Source by clicking here.