Social Security: Newly Retired Couples May Lose $17K A Year From 2033
Summary
A report says that by 2033, couples who recently retire could lose nearly $17,000 a year in Social Security benefits if Congress does not fix the program’s money problems. Social Security’s retirement fund is expected to run out in 2032, leading to automatic benefit cuts to keep costs from exceeding income.Key Facts
- The Social Security retirement trust fund is projected to be empty by late 2032.
- When the fund runs out, benefit payments will automatically be cut by about 22%.
- A typical retired couple earning moderate income could lose around $16,900 per year.
- Benefit cuts would be smaller in dollars for low-income couples but harder on their finances.
- Cuts to Social Security benefits could grow larger over time, reaching up to 35% by the end of the century.
- More than 70 million Americans currently rely on Social Security benefits.
- The fund is mainly supported by payroll taxes paid by current workers and employers.
- Senators recently proposed the PROMISE Act, a bipartisan bill aimed at protecting retirement benefits.
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