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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by The Old-Age and Survivors Insurance (OASI) Trust Fund is projected to run out of reserves in 2033 under current law, per the Social Security Administration<\/a>. Once reserves are gone, payroll taxes alone would cover only a portion of the scheduled benefits, which could lead to a cut in monthly Social Security payouts.<\/p>\n Here\u2019s what a potential Social Security<\/a> cut could mean for retirees.<\/p>\n Also see nine Social Security assumptions that get middle-class people in trouble<\/a>.<\/p>\n How the Benefit Cut Would Work<\/p>\n Social Security is funded through payroll tax revenue and interest earned on trust fund reserves. As long as reserves exist, the program can pay full scheduled benefits even when tax income falls short. <\/p>\n However, the Social Security Trustees project that OASI reserves will be fully depleted in 2033, and continuing program income will be enough to cover only 77% of total scheduled benefits, per the Social Security Administration.<\/p>\n As reported by Newsweek<\/a>, retirees who receive $2,000 per month from Social Security could see a cut of $460 monthly. <\/p>\n Who Would Be Affected?<\/p>\n About 58 million Americans age 65 or older currently receive Social Security benefits<\/a>, according to the Social Security Administration<\/a>. For many retirees, Social Security represents a primary source of monthly income. <\/p>\n According to The Senior Citizens League\u2019s 2025 Retirement Survey<\/a>, 73% of retirees reported they would have trouble paying their bills<\/a> if their benefits were reduced. Additionally, 68% said they would have to cut back on food or groceries, 52% reported they\u2019d need to skip or delay medical care or prescriptions, and almost half believe that they would use up their savings or retirement funds faster than planned.<\/p>\n What Actions Need To Be Taken?<\/p>\n Under existing law, Social Security does not have the authority to borrow or draw on general federal revenue to pay benefits, per the Roosevelt Institute<\/a>. If trust fund reserves were to be exhausted, benefit payments would be limited to available payroll tax revenue, making reductions unavoidable unless Congress acts.<\/p>\n According to the Congressional Budget Office<\/a>, options to increase the long-term financial stability of Social Security include raising payroll tax revenue, adjusting benefit formulas and changing retirement age<\/a> thresholds. However, no changes can occur without new legislation passed by Congress and signed into law.<\/p>\n","protected":false},"excerpt":{"rendered":"eric1513 \/ Getty Images Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased reviews…\n","protected":false},"author":2,"featured_media":272646,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,6271,61,60,174,175,1611,1615],"class_list":["post-272645","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-gobankingrates","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-retirement","tag-social-security"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/272645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=272645"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/272645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/272646"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=272645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=272645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=272645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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